Debunking 4 Common Newly-Married Money Myths

FOR IMMEDIATE RELEASE

Louisville, KY—July 6, 2016— Conflicts about money are frequently cited as the most common reason for arguing. Typically, these arguments stem from differing views about “wants” vs. “needs,” unexpected expenses and not saving enough money. “A new marriage is a profoundly thrilling emotional commitment. It’s easy to be swept up in the excitement and romance of this honeymoon phase at the expense of tackling its serious financial implications. But the fact is, investing time and effort up front to get your joint financial house in order will free you to avoid conflicts about money and enjoy your new life together as fully as possible,” said Carla Dearing, CEO of SUM180, an online financial planning service created by women for women.

“Reducing money-related stress early on will only support a relationship over the long term. Couples can do this by understanding the truth behind the following four common newly-married money myths,” Carla concluded.

MYTH: Talking about money kills romance.

The truth is, making time for regular conversations about money supports a healthy relationship. There’s no reason to wait for financial issues to crop up. As early as possible (before issues arise): share your history with money; discuss and reconcile your spending habits; and share your expectations and goals for your money. Set aside some time every month (call it a ‘Financial Date Night’) to assign money-related tasks, talk about future financial decisions and review progress toward your goals.

MYTH:  When you say ‘I do,’ your individual credit reports are combined. 

In fact, credit reporting agencies maintain separate credit history for you and your spouse. If you have better credit than your spouse, help your spouse improve her/his credit score by practicing the following healthy credit habits together:

  • pay bills on or before time
  • maintain low balances on credit accounts
  • avoid opening new accounts, unless necessary
  • pay off debt

Your spouse’s credit will affect any new joint accounts you open. A joint account will require a credit report being checked for both you and your spouse. If your spouse’s credit is too poor to use for major purchases, such as a house or new car, caution should be taken before assuming the financial responsibility for a large asset on your own. Depending on where you live in the United States, should you face a divorce, you may be solely responsible for the debt associated with that asset.

MYTH: Your new spouse’s debt is not your problem.

Legally, you’re not responsible for debt your spouse accrued before your marriage. But realistically, once you’re married, it’s very likely that your income will be involved in paying off your spouse’s debts. Another reason you want to be mindful and timely about addressing your spouse’s debt: debt is associated with less satisfaction in marriage. Once you have paid down the debt, you’ll have more time and energy to focus on your relationship.

MYTH: Your new spouse is automatically the beneficiary of your life insurance, retirement and other accounts.

Too many people neglect to update beneficiary designations after they marry or re-marry. Community property states may give your spouse some rights to your life insurance automatically and some states have laws that automatically revoke beneficiary designations to ex-spouses once divorces are final—but you can’t rely on state laws to protect you in all cases. To avoid potential confusion, it’s best to review and update the beneficiaries in your will, life insurance, retirement and other accounts.

About SUM180
SUM180 is an online financial planning service designed by women for women. With the goal of making financial planning simple and affordable for women, SUM180 provides a radical alternative to current financial advisory offerings.

Specifically, SUM180 is differentiated in the following ways:

  • SUM180 meets women where they are. SUM180 plans are personalized to help women wherever they are right now on their financial journey; whether they’re just beginning, starting over or well on their way.
  • SUM180 plans are simple. Clients need only focus on just three of their most important next steps at any given time. This approach is empowering for most, but especially for women who have been “tuned out” of their financial picture for a period of time.
  • SUM180 doesn’t try to give clients a degree in finance. SUM180 clients don’t need to become financial experts to meet their financial goals. SUM180 provides the tools they need, without overwhelming them with the details they don’t need.
  • SUM180 offers a community for users, unfiltered. SUM180’s community forum allows users to support one another in their plans.
  • SUM180 serves; never sells. Earning and keeping client trust is SUM180’s highest priority. SUM180 never makes money based on the advice provided.

Additional information about SUM180 may be found at https://sum180.com/.

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Contact
Robin Schoen
Robin Schoen Public Relations
215.504.2122 office
215.595.7542 mobile
rschoen@robinschoenpr.com

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