It turns out that when it comes to money, love really is blind — or at least visually impaired. In a recent poll, a majority of couples said that financial problems, including bad credit and foreclosure, would have no effect on their decision to get married.
One area, however, that causes mixed feelings for couples is the bankruptcy of a spouse. For 41 percent of respondents, the bankruptcy of their future spouse would not affect their decision to get married. Slightly fewer than one-third of respondents disagreed, saying they would call off the wedding if their partner filed for bankruptcy. More than one-quarter of people said they would postpone the wedding in that case.
“One of the most common challenges newlyweds face is how to merge their finances,” said Carrie Braxdale, managing director of investor services at TD Ameritrade. “We know that more people are getting married later in life, and as a result, they are bringing more financial history into the marriage — from credit card debt and student loans, to 401(k)s and other investments. This makes it even moreimportant for couples to have the money discussions before they walk down the aisle.”
With that in mind, Braxdale has the following advice for couples looking to tie the knot:
- Have discussions about debt before planning to get married.
- Know your credit score and your partner’s score.
- Understand your investments.
- Discuss spending and saving philosophies and find a solution that both parties agree on.
- Create a realistic budget and follow it.
The information in the TD Ameritrade Couples and Money survey was based on the responses of more than 1,000 people. The research was conducted by Research Now, an online sampling and data collection agency.
Reach BusinessNewsDaily staff writer David Mielach at Dmielach@techmedianetwork.com. Follow him on Twitter @D_M89.