When creating a union with a second partner, how much do you merge financially and what stays separate? Open dialogue and a strategy that works for you.
It can be hard to talk about money with a romantic partner. For some, they are recovering from divorce debt or costly credit decisions. Others are worried about being judged for what they have or don’t have. There are also those who have habits that leave little room for a partner in their finances.
Keep in mind that you’ll never agree on everything and there are parts of your finances that may need to remain separate for practical and/or legal reasons. However, a stable financial future will need an agreed upon household budget. How you managed your finances with your previous partners will likely come into the discussion. This can help you identify what worked, what didn’t, and what you’d like to do this time. While talking about past relationships can be painful, it will give each of you a deeper understanding of where your partner is coming from.Article contentWhen combining your finances, there are three methods that tend to help couples manage their day-to-day spending.
The second method creates a shared middle ground and allows each person to maintain a certain degree of financial independence. An agreed uponis the key to making this arrangement work. It allows each person to contribute a set amount of money to the operations of the joint household based on their level of income. This can, however, lead to resentment if one partner earns more than the other or has significantly more debt obligations that need to be resolved.
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