Marriage And Personal Finance Independence
The first rule of personal finance is to avoid
ceding control of your finances to anyone. They are
your responsibility; and the minute you let go of the
control reins, you will find yourself with a number
of extra problems.
Marriage is one of these institutions that make us give
the reins over to our spouse. If one person in the
relationship is good with handling money, then all the
financial responsibility automatically falls onto them.
However, this leaves the other member of the couple
extremely vulnerable if his spouse falls ill
The best and wisest thing that a married couple
can do is to have three different types of finances. Two
for each individual person and one as a unit.
Financial crisis has been known to cause traumatic
distress among married people. But if married couples want
to avoid monetary problems, they should be realistic
in assessing their financial situation.
Personal finances should not be given up and then replaced
by the unit fincance. As two unique individuals you have
needs; and by maintaining your own personal finace, you take
responsibility for your needs.
This gives you considerable control over your financial
life. It also limits arguments about who gets what in the
event of a break-up. Shared equity can be sold and divided
equally amoungst the individuals.
Having seperate personal finances gives a couple the
responsibility to make independent financial decisions
while maintaining accountability to the other member
of the couple. They both have the responsibility to pay bills,
the mortgage, and car payments. If both members of the
couple work an equal amount of time, it might be
a good idea to split the bills down the middle–each
Money is always going to be an issue in our lives, as we
cannot live on love alone. So be responsible for your
personal finances and you will mitigate any financial
problems in your marriage.