If you are living together with your significant other and yet you are not married, you might want to take some precautions with your finances. You know that if you do merge your finances, you could end up having to deal with very special money issues in the event that you guys split up. Besides, most un-married couples are really less likely to plan their personal finances and worry about their financial future than those couple who are married. If you are an unmarried couple, there are some things that you might want to avoid so that you do not end up in any messy financial troubles later on. Just in case things go sour, you want to part without having to battle it out over your finances.
If you are an un-married couple, you might want to take extra care and not mingle your finances and your assets. That might seem selfish but there are good reasons behind this. For instance, there are finance experts who feel that if you two are still in the early stages if your relationship, you best keep your assets in separate places so that you avoid disputes over your property later on. Another thing you might like to do is to keep your checking accounts separate.
You might also be conscious about owning as little joint property as possible and avoid giving money to purchase what can be considered as a major asset like maybe a house or a boat or even a car and have it put under your partner's name.
Make sure that you put your name as a joint owner otherwise your partner might end up having legal rights to that property that you helped pay for while you end up with nothing but memories. If you have common expenses, make a separate account where you can put in your money together with your partnerâ€™s name. Since these are common expenses, it is okay to share them but still remember to keep an account for yourself; one that your partner has nothing to do with.
You must be careful about your finances at all times and never take it for granted.