According to the BMO Wealth Planning Group, close to two-thirds of married Canadians wish they had spent more time discussing their financial situation and plans for the future with their partner before getting married.
I observe many examples of couples that have not “had the talk” when they apply for mortgage financing. It becomes both a shocking and sobering experience when one of the couple discovers their spouse has a history of poor credit management, collections or even past bankruptcies. Most couples agree it is important to be on the same page when it comes to their investment goals and financial planning, but only about half report having a detailed discussion about financing.
I would take it one step further and suggest a review of individual credit reports. A credit report tells the “story” of past financial practices. Better to know before you marry, that purchasing your dream house may just be a dream, as your spouse is what we will affectionately call a “financial deadbeat.”
Having an open and honest review of your individual finances early in the relationship will go a long way towards ensuring that you and your spouse will have a prosperous financial future.
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