Not really sure how to manage money as a new couple? It can be tricky, but Laura gives solid advice for how to know what's right for your situation. Use these six tips to avoid potential disagreements and create a great financial life together.
You may want to keep a small checking or savings account in just your name for your eyes only. As long as you’re not using it to commit any financial infidelity, it could be a good solution if you need some leeway.
It’s also important to note that retirement accounts like 401ks and IRAs must be owned individually—you can’t own a retirement account jointly. So those will always be under your own control.
Also, debt that you bring into a marriage remains in your name and isn’t your spouse’s legal responsibility. However, I still recommend tackling all debt as a couple.
What’s best for the finances of your partnership or marriage begins with candid and respectful conversations about your beliefs, concerns, and goals. If that seems too difficult, you may need to speak with a counselor to help sort it out.
Arrange your coupled finances in a way that works best for you, but also be open-minded about setting new guidelines and changing tactics if how you manage money right now isn’t working.
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