Where you are in life would certainly affect how you handle joint financial obligations.
Fred and I were a pretty traditional couple. We each brought a vehicle to the marriage and I had a student loan. That made it easy(ier) to combine income into one pot to ensure equal distribution should the marriage fail. After all, neither of us would be able to pursue the career choices we made without the other. I also changed my name because I was starting in a new field and had no reputation to protect.
Now would be different. If something happened to Fred and I entered another relationship (super unlikely) I would contribute to a joint account to share expenses. My spending habits are none of their business, also they would be under no obligation to help me out of debt.
https://www.thecut.com/2018/08/how-to-approach-money-matters-with-a-live-in-partner.html?utm_source=nym&utm_medium=f1&utm_campaign=feed-part
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Subsequent relationships do require special consideration. Beyond financial concerns, if you bring children (even adult ones) to the new relationship, sorting out how each person will prioritize "family needs" early on is important. In this age of grand-parenting I know of several cases of "off to take care of my grandchildren - their parents are both working."
ReplyDeleteAs far as financial, well that's one reason we decided not to remarry after our divorces. When she sold her house, the proceeds were totally hers. Now that we live in my house, I carry all the expenses. We mostly keep our expenses separate.
My financial history is not really something that anyone would want to "marry". Fortunately, over the last decade I've brought that under control and my credit report and retirement outlook is good.
With regard to our wills, each of our estates are named to our own children.
Your happy and enduring marriage keeps things relatively simple for you, a good thing!
Gregg Taylor Seems like an equitable thing to do. Wills are especially important in this age of mixed families.
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