Back in December 08, I wrote a 3 part series about financial steps for couples. This is a post written by Trisha Wagner, a freelance writer for DestroyDebt.com about a great question: should unmarried couples merge their finances?
Handling your money is hard enough on your own so it is understandable that the thought of merging your finances with your partner might cause you some concern. As your relationship progresses you will eventually have to decide how you want to handle financial issues. Unmarried couples should consider the following tips about how to handle the mingling of assets in a relationship.
Talk about financial goals.
It is important to sit down and have a serious discussion with your partner to determine where they stand on issues such as financial values, goals and priorities. Everyone has their own money “personality” and many problems can be avoided by being aware of how your partner handles their finances. Once you have had the money talk you can then decide if you want to continue handling your finances separately or pool your resources as a couple.
Handling household finances.
When deciding how to you want to handle your household expenses you have a wide range of options to choose from. What works for your best friend may not be the best thing for your relationship and many times you have to make adjustments to your “plan” as time goes on. The following scenarios describe the most common ways unmarried couples deal with their finances.
One thing to consider when making decisions regarding your finances as a couple is the fact that you lack the legal safeguards that benefit married people. Once you combine your assets you may find it difficult to separate them should things not work out in the relationship. That shouldn’t discourage you from merging your finances if that is what you have decided on, however make sure you take the appropriate steps to protect yourself in the event of breakup.
You may read the full financial step for couples here:
image source: Timeonline.co.uk
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