Graduation weekends are upon us and wedding season is on the horizon too! While both are extremely exciting milestones that should be celebrated there is a lot of careful planning required to ensure that those intelligent and accomplished graduates enter into marriage with their eyes wide open.

More and more people are graduating with student loans but what happens when they get married?

It is important to know these few facts when preparing to merge your financial lives:

  1. A person's student debt is theirs and their alone-a spouse's credit history is not impacted by another's student loans.
  2. Upon purchasing a home together BOTH credit histories effect the interest rate you pay.
  3. Carrying debt delays your ability to save for the future.
The best way to navigate the financial merger between two people is to create a plan together. Work with an advisor to map out a payment plan for student loans that is reasonable, discuss what standard of living you are willing to accept while paying off your debts, and start to think about the way in which you will achieve your financial goals for the future.

It is never too early to start a financial plan. The more time you have to establish a clear path and clear goals the better the chance of reaching those goals successfully. You will work too hard in your life not to give the money you earn the chance to work hard for you.

Caroline Hill, Financial Advisor

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(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).