Diva Zone ™ Magazine Power Couples February 2018 - Teaser Issue | Page 10

10
WHY GETTING MARRIED IS FINANCIALLY SMART
By Dr. Teresa R. Martin, Esq.
Many people think that get ting married is a f inancially
unwise thing to do. People commonly claim that married
folk s pay more in taxes that those that are single. This
is untrue in most cases. In fac t, marriage of fers a lot of
f inancial advantages.
Here are 3 of the many financial windfalls of
being married:
1
Better loans go to married folks. If both par tner ’s
work , then the bank has t wo incomes to consider
when making loan decisions. You have access to larger
loans and qualif y for loans more easily and at bet ter
interest rates.
2
Your credit improves from a practical
standpoint (maybe). The par tner with the worse
credit will see a boost in their borrowing power. Of
course, the opposite is true for the par tner with the
bet ter credit. But together, you’ll end up bet ter from
a credit standpoint as you increase the score of the
spouse with weaker credit.
3
Greater financial security for both parties. If
you’re on your own and lose your job, you t ypically
don’t have access to another source of income. While
a spouse losing a job is f inancially challenging, t wo
people can live on one income bet ter than one person
can live on no income.
Don’t believe it when someone tells you that being
married has too many f i