Tracking My Money: The Financially-Challenged Husband
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My worst financial disaster was marrying my husband. A few months before the wedding, we both checked our credit reports and shared the info with each other.
I have always been great about tracking my money. My credit score was great (790), and I knew that his would be a bit low since he had missed a few credit card payments. But I really wasn’t prepared for when he asked me, “560…. Is that good?”
Turns out that when he had consolidated his student loans he forgot one. So for two years he hadn’t been paying on a $10,000 loan, and it was now in default. Not only do we now have a ton of extra money to pay, with fines and interest, but we also have to wait for his credit to improve before getting a mortgage.
Needless to say, I control all our finances now. (Luckily, he is very happy with that!)
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One partner shouldn’t controll *all* the finances. God forbid something should happen to you. That would be a disaster for him in so many ways.
When you marry your credit scores do not merge. Some couples will get the house in one spouse name just to get a good interest rate. And at closing just add your spouse to the home.
Shouldn’t all women control the finances in a marriage? Just kidding!
Coming from a marriage of 20 years and a husband whose finances have been a train wreck from the beginning… The house/mortgage is in my name as well as the cars.