Perhaps it is the latest thing in financial planning or simply another way to generate fee income for a financial institution …

Rumor has it that some financial institutions and financial counselors are urging lovers contemplating marriage to check each other’s credit report and credit score before making the “final” decision. Considering that money, not sex or in-laws, is the most dominant factor in marital items, perhaps it is not such a bad idea.

The concept of acceptance based on full disclosure may also serve to weed out those who are flakes, have multiple identities or who are hopelessly in such debt as to deplete the assets of a newly-married spouse.

Free credit reports: but beware …

Considering the ease at which one can obtain a free credit report, perhaps this is the way to go. Remember to use the government-sanctioned “free” credit report site at www.annualcreditreport.com and not those purported free sites which provide you with a free credit report if you sign-up for a credit monitoring service. Beware, one of the largest credit bureaus is behind those cute commercials referring to “free credit reports.”

For those with significant resources …

Here the oft-married Donald Trump’s advice is golden. “Never get married without a prenuptial agreement.” I know it sounds cold and is extremely unromantic – but considering the number of people who get divorced each year, it is solid advice from someone who really should know. Both parties should be represented by independent attorneys and all legalities regarding assets acquired during the marriage should be observed. To my way of thinking, those who balk  at signing such an agreement is a major red flag.

Sounds like a good idea …

Considering the advantages outweigh the disadvantages, this appears to be an extremely low-cost, no-brainer reality check for those contemplating marriage, living together or civil unions.

Be well, be safe and protect yourself and your family first.

-- steve

P.S. For those who might be curious about today’s choice of topics, I have a friend who is about to marry his somewhat mysterious lady. She apparently has a decent job but sports designer bags – apparently costing thousands of dollars – and drives a clunker. A visual contradiction which is sending a mixed message. My advice to him was that “forewarned is forearmed,” but he is still afraid that mentioning the subject of money will send his main squeeze packing.

_______________________________________________

OneCitizenSpeaking: Saying out loud what you may be thinking …