In a world where marriages are not what they used to be, where couples split up for all kind of stupid reasons, many individuals have the tendency of keeping their personal finance apart of their spouse. It is part of their “just in case” plan where they have to be ready if they ever have to break up. Even though the divorce rate tends to reach 50%, I still believe that your personal finance should be put together with your spouse.
The main reason behind my thinking is for efficiency purposes. By combining your income and assets, a couple can achieve more projects in less time. It also avoids the incalculable time spent on separating bills, unexpected expenses and purchases. By working together, you will not be alone to plan your retirement; you will work on it as a team.
A team. I think this is the perfect word to describe what should be a couple one it comes down to personal finance. By working together, you gain the ability to focus and brainstorm to find more solutions to your financial problems. You can also benefit from the strength of each other. Some people have connections to get a better deal while some other are good with doing a budget.
When should you combine your personal finance with your better half? I think that when you move together or when you think of having children could be a good starting point. This shows involvement and that your couple is getting more serious. By getting more serious, you are better combining your bank account and start working together for a better financial future.
What happen if you break up? Then you separate everything in two and you go your own way. I don’t see it as being more trouble than if you would have done your “just in case plan”. On the other side, I don’t think this is very promising to spend time planning on what will happen when you break up instead of planning the purchase of the house of your dream. I’m an optimistic, I prefer to plan the brighter future and forget about the rest!
By the way, I know many people who did their list in case they ever break up. I guess we can say it was a great success since that they all had the chance to test their plan as they all break up!
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