I’m 55 and debt-free with a $1M home. My boyfriend owes $100K and wants marriage. Is this a bad financial move?

When you are deciding whether to get married, your thoughts mightiness halfway connected things similar wherever you and your spouse volition necktie the knot, what you’ll wear, and who is connected the impermanent list.

However, immoderate couples find themselves stuck connected decisions astir their finances. Financial incompatibility and fights astir wealth tin enactment superior accent connected a relationship. But not discussing finances, particularly earlier marriage, tin beryllium a large pitfall for couples.

In fact, fiscal incompatibility is simply a predictor of divorce. A survey from Ramsey Solutions recovered that wealth is the fig 1 contented joined couples reason about, and the fig 2 predictor of divorce, aft infidelity (1).

With truthful overmuch astatine stake, couples who don’t person honorable conversations astir finances earlier matrimony are taking a large risk.

• Thanks to Jeff Bezos, you tin present go a landlord for arsenic small arsenic $100 — and no, you don't person to woody with tenants oregon hole freezers. Here's how

• Dave Ramsey warns astir 50% of Americans are making 1 large Social Security mistake — here’s what it is and 3 elemental steps to hole it ASAP

• I’m astir 50 years aged and person thing saved for retirement. What bash I do? Don’t panic. Here are 6 casual ways to drawback up (and fast)

Imagine Debora, who is 55 and has ne'er been married, but is successful a happy, semipermanent relationship. Her partner, Sam, wants to get married, but Debora is disquieted astir his finances: helium is $80,000 successful debt, $50,000 of which is aesculapian debt, the different $30,000 is precocious involvement recognition paper debt.

Debora, connected the different hand, is debt-free and financially stable. She owns a location that is worthy astir $1 million, has $600,000 successful status savings, and $200,000 successful different investments. She besides has an big girl from a erstwhile relationship, who she wants to marque definite is taken attraction of financially aft she passes.

Debora is acrophobic astir however to support her finances unchangeable portion inactive marrying the emotion of her life. She besides wants to marque definite her girl inherits each her assets, and is acrophobic that she volition beryllium connected the hook for Sam’s debts if they get married.

Here’s what she needs to cognize astir fiscal compatibility, positive immoderate tips connected navigating the pugnacious challenges of combining finances with your partner.

Debora’s concerns astir what volition hap to her spot — and Sam’s debts — aft matrimony beryllium connected the laws successful her state.

In communal instrumentality states, which covers astir of the country, spot owned earlier the matrimony is considered separate, and immoderate spot acquired during a matrimony is not automatically considered to beryllium owned by some parties (2).