The Pew Research Center, say’s in 1960, 72% of American adults were married. In contrast today around 50% are married. More people are co-habitating with their significant others and raising children outside of marriage.
When your married there are certain legal protections, when you’re not married those protections aren’t there.
Experts recommend unmarried couples be careful when it comes to their finances. If you’re new to cohabiting, you need to decide how you’ll pay your bills. Keeping your accounts separate is a good idea. If you have a shared account, you have to realize if a break up would happen the other person can take the money from that shared account. If you buy a home together look at cohabitation agreements or some type of legal documentation, to protect your interests. Also, on your household insurance make sure both names are on the account, there’s no extra cost for this, and it protects both of your belongings. And if you co-sign a loan together, if one doesn’t pay the other is responsible.
If you have any questions call 320-679-5183 or go to yoursafemoneyshow.com.
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