Depending on what state you're in, separate accounts may still be considered joint marital property in a divorce. So I still recommend consulting a family law attorney before getting married and combining finances. A prenup can give a lot of security if you're bringing assets into the marriage or want to keep something as separate property. Also, if you quit your job to raise kids, a postnup can be drawn up to ensure that you don't get financially trapped if you're not earning your own income. No one wants to plan for divorce when they get married, but no one knowingly marries an abuser either. And 1/3 of all marriages turn out to be abusive. If your spouse-to-be truly cares about your well-being, they will be on board with ensuring your security "just in case" it doesn't work out, just like they would support having term life insurance in case of a tragedy. Speaking of life insurance, your beneficiary should be a living trust and not an individual. You learn a lot when you go through a divorce without ever having considered these things!
Expat wife for 30 years 1989 to 2019 no chance to earn a living basically. Too late for me now. A friend did something smart. She accepted to follow her husband upon the condition he paid her the salary she was leaving behind on her account.
I like the idea of putting all our income in a joint account, and then each getting a certain % per month for discretionary expenses. Any idea what % would be good for that?
Leave a “💖” if you’re ready to combine finances with your partner!
Depending on what state you're in, separate accounts may still be considered joint marital property in a divorce. So I still recommend consulting a family law attorney before getting married and combining finances. A prenup can give a lot of security if you're bringing assets into the marriage or want to keep something as separate property. Also, if you quit your job to raise kids, a postnup can be drawn up to ensure that you don't get financially trapped if you're not earning your own income. No one wants to plan for divorce when they get married, but no one knowingly marries an abuser either. And 1/3 of all marriages turn out to be abusive. If your spouse-to-be truly cares about your well-being, they will be on board with ensuring your security "just in case" it doesn't work out, just like they would support having term life insurance in case of a tragedy. Speaking of life insurance, your beneficiary should be a living trust and not an individual. You learn a lot when you go through a divorce without ever having considered these things!
Absolutely loved thisssssssss❤😍😍😍😍😍 thank you!
Expat wife for 30 years 1989 to 2019 no chance to earn a living basically. Too late for me now. A friend did something smart. She accepted to follow her husband upon the condition he paid her the salary she was leaving behind on her account.
I like the idea of putting all our income in a joint account, and then each getting a certain % per month for discretionary expenses. Any idea what % would be good for that?
Thank you for the video.
Glad you liked it!