Taking the next step in a relationship – cohabitation, marriage, domestic partnership – comes with plenty of new challenges, even for the dynamic of the relationship alone. But moving in together, or moving into new legal territory, can also change how the relationship functions in terms of finances. Who pays what bills? Do we have a joint account for some things? Or is there one account for everything? And what would happen if the relationship ends?
Having a FICO® score as a dating app field is a bit far-fetched, but not finding out about key financial facts until that next relationship step takes place could also prove problematic. And while our financial advisors are not relationship advisors by any means, they have seen quite a few options when it comes to managing finances in a relationship.
Financial advisors Nate Condon and Mitch DeWitt, CFP®, MBA, are joined by U.S. expat advisor Stan Farmer, CFP®, J.D., to explore how finances function within couples. Just like relationships come in different forms, managing money in those relationships can be successful in a variety of ways, too. Though not every discussion ends in a crystal clear solution, it helps to think about this topic and lay the groundwork for the future (the financial future, too!).
Do you have a method you feel is most successful for staying on the same page financially with your partner, spouse, or significant other? Or do you have something you’d like to add to the conversation? Send us a voice message on Spotify or drop us a line via email ([email protected]).
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