need HELP with suggestions on blending FINANCES....Thanks!

[theonet]

Peace and blessings to all

 

We are blending two adult(OK, almost adult...40s..) finances in March. We have had different approaches to handling our individual finances. Neither is bad or great.

 

Do you have any suggestions of resources to educate ourselves on how to join our two styles into one. Books, web links, personal successes.....

 

Thanks for your help!

 

Ty

[Tony T]

This is often the most critical part of conducting a relationship. Both of you should go together to see an accountant or certified financial planner. Get an appointment and bring all paperwork showing assets of any kind on both of your parts. The professional will take what he needs, discuss your goals, and work out a simple plan that's mutally acceptable to both of you. This person will also help you plan on how you can easily deal with finances in the future with the two of you being together. Additionally, you can make plans to handle this blended arrangement in case of a sudden parting (you just never know), disability or distribution of your share of money or other assets to beneficiaries in case of the untimely death of one of you.

 

It could very well be that after such an appointment, both of you may decide it's best to keep some things separate. That's why it's good to consult with somebody who's been through these arrangements before and knows what they entail.

 

It's not as complicated as it sounds but there are a lot of issues that need to be dealt with that a professional can make very easy for you. A financial planner is the best person to effect all of this and they are not expensive at all. A couple of visits should have you on your way to peace of mind with everything in place for the future.

 

I'm glad you're wanting to deal with this. So many couples would rather run downtown naked than discuss their finances.

[Arabess]

http://www.marriage.about.com/cs/finances/

 

http://www.usaaedfoundation.org/financial/pf04.asp

 

You can find lots more by using your search engine on the net....I happen to use Google.

 

First of all....let me commend you on taking this in consideration. MOST couples don't, even though it's the number one reason for divorce.

 

As long as both of you are honest with each other and live within the budget you have worked out....I think all will be well.

 

I agree with Tony, a financial planner is a great way to go. (When I was married, we didn't have enough money to plan WITH! LOL!) Your sitaution may be different.

[Fancy]

Never, never, never have a joint credit card! If your spouse leaves you and your name is on the card, you will be responsible for paying the debt if your spouse doesn't keep up with payments. Always have your own nest egg.

[Tony T]

"Never, never, never have a joint credit card!"

 

I didn't think people who sold joints took credit cards...you know, to prevent getting arrested. lol

 

Personally, I would NEVER marry or otherwise partner with someone I couldn't trust with my credit cards or my life. Maybe I'm condemned to be alone forever, uh? Your advice is good. A lot of people have gotten in trouble by having credit cards in both names.

[Thinkalot]

Just work out a compromise. A financial planner may be able to help you out and offer objective impartial advice. My bf and I have some joint accounts for certain things, and also keep some personal money of our own, to spend at our own discretion. It took a while to finetune things, but now things work very smoothly and we seldom have any issues over finances. The fact we have common goals in this area, certainly helps.

 

Good luck, and good on you for taking the time to think it through.