Most people desire to get married one day and start a family. However, many couples remain unmarried for decades. They decide to live together and raise families without getting legally wed. Some people would rather not have a legal contract between the two of them to prove their love. However, getting married has loads of legal and financial perks compared to staying in a regular relationship.
Let’s go over all of the advantages couples will have with money once they tie the knot. Check out the 50 financial advantages of being married.
50. Build Joint Credit
Many people grapple with no credit from either not opening credit cards or lines of credit early in life. Poor credit comes from struggling to make payments when they did, missing payments, and racking up penalties for late fees. It can be hard to rebuild good credit once yours is damaged. However, getting married to a responsible borrower is one of the significant financial advantages of marriage. Of course, if you have poor or no credit, it’s essential to discuss that with a potential spouse. Do so before you combine your finances. That way, they aren’t hit with a nasty surprise rejection on a mortgage or car loan application.
You and your spouse can reach a mutual understanding about credit, debt, and making responsible payments. Then, taking out a joint credit card with your spouse’s solid credit can help you rapidly build good credit as well. All of the good credit created through a joint credit card will apply to both of your credit scores, and it will be far easier for you to access new credit cards and lines of credit to build your score with the co-application of your spouse. While it’s better not to have to rehab anyone’s credit score at all, it is a positive bonus of marriage.