Financial tips for unmarried couples
Issue date: 3/19/10 Section: News
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1. Keep your finances separate.
Even if you are living together or engaged, it is extremely important to keep your finances separate before marriage. I understand that you love each other and are committed to one another, but you just never know when something might happen. Breaking up is hard enough, but having to sort out joint bank accounts before marriage can make this messy and extremely unpleasant for everyone involved. Save yourself a headache and keep all of your bank accounts separate until you say "I do."
2. Do not share your assets.
This relates to the first tip. Do not make important joint purchases before marriage or share your assets in any other way. Examples of assets could include a house, car, or boat. In the event that you decide that you must make one of these joint purchases, speak with a lawyer first about drawing up a contract explaining what will happen if you break up. This may not be an easy conversation to have, but it's necessary if you want to protect yourself and your money.