Should you marry your significant other before or after you buy a house together? It is a big question for a lot of Americans, and it is hard to answer. That is because there are both pros and cons. When you make your vows, the state looks upon the couple more favorably. On the other hand, a wedding can be a significant expense. We will break down some of the details.
Buying a House After You Marry Your Significant Other
If you buy a house with a mortgage after your wedding, then you will need to do a lot of work. You might be paying back any wedding loans and paying for the mortgage as well. In other words, it can be a lot of financial strain.
On the other hand, lenders view couples as units; they combine credit scores. If there are two incomes, then the bills might be easier to pay.
Buying a House Before You Get Married
If you decide to buy a house with a mortgage before you get married, paying back the loan could become problematic. For one thing, financial stress makes it more likely that you and your significant other might part ways. Parting ways could lead to serious legal complications.
If your relationship does manage to survive, then buying a house before you marry your significant other can be a good idea. 80% of all wedded couples said that purchasing a home before marriage strengthened their bond.
When it comes to property and marriage, remember that each state has specific rules. According to some rules, if your partner passes away, you will not take full ownership of the property if you were not married. It is also worth noting that you and your partner will need to increase your credit scores before buying a house.