There’s a lot to consider when getting into a live-in relationship or marriage, and the biggest issue is how to handle finances. How do you know if or when you should mix the money? According to Kiplinger Personal Finance, the decision is made easier by having a frank talk about income, goals, spending, and debt.
If you are frugal and your partner blows money faster than they make it, splitting expenses may be the smart way to go. You also have to consider that you may be liable for their debt if you mingle the money. After all, it’s considered “community asset” if it’s in the same account.
Then there’s a potential break up. Can you imagineHannah B’s situation now if she had mixed her “Bachelorette” earnings withJed’s income?That’sreality. You have to think about protecting your future and keeping a safety net in case things go south in your relationship.
That being said, going over every aspect of your finances…together… you may end up deciding that getting joint accounts and cards is best. It all depends on the talk.
Source:Richmond Times Dispatch