Instead of having two separate incomes, you have a shared income that funds your shared home and a significant portion of your lifestyle. Shared finances often creates a sense of security, but also balance. Having a shared bank account removes the need for your partner to transfer money into your account or pay "your" bills and potentially cause more conflict. But you also lose the advantages of 'pooled risk' and you're less flexible as a team to deal with changes (such as one partner wanting to return to school, or have a baby, etc.)."Ĭombining finances and sharing assets can better prepare you for these events that may need some extra financial assistance. "With everything separate (two pots), there is no structural requirement that you communicate and coordinate, so there is lower potential for disagreement and less individual vulnerability to your partner's choices. You will inevitably encounter curveballs, and they aren't always bad.Īmanda Clayman, financial therapist and Prudential financial wellness advocate, explains that these curveballs are sometimes harder to deal with in a separate system. You might have a medical emergency, decide to go to graduate school, or suddenly need to purchase a new car. Relationships are all about supporting each other in times of need, or just change. Increase flexibility to handle life's changes
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