Financially, there may be many benefits to being married, but there are some serious pitfalls that married people fall into from time to time.  Today on the Top 5 at 7:45, I'll highlight some dumb pitfalls that married couples find their self in as defined by MyBankTracker.com. We hope this information will help us all to avoid those dreaded and unforgettable pitfalls.

  1. Different Goals & Agendas - Trying to manage joint income can have it's challenges, especially if each one has their own vision and agenda. Sitting down and prioritizing those long and short term goals TOGETHER, goes a long way.
  2. You Can Be Liable For Their Mistakes - You can be liable if your spouse made some mistakes omitting income at tax time. Even if you can prove that you didn't know about the errors, you can still be liable, even if they happened prior to you being married.
  3. Credit Scores - If your spouse has a poor credit score, that can have a huge affect on you two buying a home or car together. If you apply for a joint mortgage, the lender is going to review both incomes combined and both of your credit scores.
  4. The Dreaded "Stranger" Effect - Questions after marriage can often come up and you probably wished you had discussed this prior to saying "I do." Before you tie the knot, you should discuss if there will be one joint checking account or two. What are your savings and retirement goals? Did you or your spouse bring debt into your marriage. You get the idea.
  5. Kids Can Be Expensive - There are tax advantages to having children, however it may pale in comparison to the amount you'll need in order to raise them. According to one adviser, couples should save as much as they can before having a child. Some people think that having a child will "bring them closer together", however if there are financial issues, they can bring a division to the household in a quick hurry and may not be resolved for sometime.

The Top 5 at 7:45 airs weekdays with me, Gary Freeman and sponsored by First Education Federal Credit Union.

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