In fact, one reason some couples choose not to marry is because one of them has financial difficulties or is not financially secure. Once the couple marries, those problems can be both their problems. Therefore, it often makes sense to stay unmarried until everyone is financially prepared to begin a legal relationship.
Before moving in together, each couple should do an inventory of their finances, such as what they own and what they owe, and share it with each other. There’s no easier way to stop a relationship in its tracks than to discover a partner has a big problem that needs professional help to fix.
It may even be wise for each partner to sit down with a financial planner who specializes in working with unmarried couples to go through the details and explain concerns and how to overcome obstacles, both potential legal issues and emotional issues. Look for financial planners who hold a new designation called Accredited Domestic Partnership Advisor, which has trained them in helping unmarried partners.
Dan Serra, is a financial planner with Strategic Financial Planning Inc. in Plano, Texas. Email him at serrafinance@yahoo.com or follow him on Twitter danserra.
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