In our recent story The 7 Dumbest Ways to Borrow Money
, we explained that borrowing money from family comes with major strings attached. After all, you’re risking your relationship if the deal goes bad. These waters are even more treacherous for married couples. Rule of thumb: Whether it’s borrowing or lending, the fewer in-laws involved, the better. Of course, with the right scenarios, borrowing money from or lending it to family can be a success. But proceed with caution: Consider drafting a legal document to ensure everyone’s on the same page, and resist splurging on luxury items while you still owe family members money.
(iStock) More from Money Talks News
: Can Getting Married Make You Richer? Should Everyone Have a Prenup? Ask Stacy: Can I Help My Fiance’s Credit? The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.