Personal Finances Debunked: Do You Keep Your Finances Separate From Your Spouse?

 

Believe it or not, more couples then you think who are married, are keeping their finances separate from their spouses. Studies have found that the more couples fight over money, the more likely they are to break up or get divorced. So how long after dating should people open up about finances? Should they consider never combining their finances?

Keeping finances separate:

1. If you own your own business: If you own your own business, 99% of the time it is a good idea to keep your funds separate from your spouse and even your own account. There is no reason to mix personal finances and business on any terms so create a separate account.
2. If your spouse has been married before: If your spouse has been married before or even has young kids it maybe a good idea to keep your funds separate. Everyone’s situation is different, but for the majority of people it keeps the tension of money out of the picture.
3. If you argue over funds: If you and your spouse tend to worry and argue over money, it maybe a god idea to keep your funds separate. Take turns with splitting the bills. This will help you manage your spending rather than worrying about what your spouse is spending.

The finance talk:

1. Talking about finances from the get-go: When you first start getting serious with someone and you are thinking about spending the rest of your life with that person, it is very important to talk about finances. Don’t let the talk slip because once your committed to that person its basically too late. Make sure you are on the same page financially before coming to your significant other.
2. If you’ve waited too long: Make sure you know where you stand in your relationship and try and keep your funds separate at this point if they aren’t already. This could help with further confusion or argument.