With this credit score, I thee wed

When you get married, you agree to share your lives — and your financial future.

Marriage can be a good financial decision that brings you a higher net worth as long as you stay married.

A 2005 study at Ohio State University found that after getting married, people’s wealth increased sharply, according to Money Crashers. After 10 years of marriage, the average net worth of couples was about $43,000. Single people had an average net worth of $11,000.

But those numbers apply only to those who stay married. People who divorced were worse off financially than any other group. After divorce, the average man was left with $8,500 in assets. The average divorced woman had only $3,400.

According to Kiplinger, it’s critical to have similar financial goals, or at least be aware of your spouse’s priorities. If you like a new car every couple of years, but your partner insists on driving cars until the doors fall off, you might be in for some arguments about spending until you can establish some kind of compromise position.

According to financial services company Merrill, you should know your partner’s credit score and have a good idea of their spending habits, too. But even bad news shouldn’t necessarily be a deal-breaker — if your future spouse is making the best of a bad situation from past mismanagement, you can make a plan.

When you marry, your credit files remain separate, according to Experian. But during the marriage, if you want to buy a house together or apply for a joint credit card, one partner’s bad credit history could make that difficult.

You don’t need perfect credit to marry, especially if you marry young and can build credit together. But your attitude toward money, spending, and your goals for saving count a lot in a relationship. Almost half of the married or cohabitating couples have experienced financial tension, according to the Journal. According to a 2018 MarketWatch report, about 41 percent of divorced
Gen Xers and 29 percent of divorced baby boomers ended their marriages over money.

Older couples definitely need to meet with a financial planner before marrying, according to the Journal of Accountancy. For one thing, divorced people may lose their claim to their ex-spouse’s social security if they marry again.