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Financial Tip

Encourage your children to take advantage of financial education courses at school.

 
home › Life Events & Financial Decisions › Major Life Events › Moving in With a Partner › Cash Flow Management

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Cash Flow Management AND Living Together

 
  • Develop a method for bill paying with your partner.
  • Many unmarried couples prefer to hold separate credit cards and bank accounts, and divide household expenses evenly or proportionate to each partner's incomes.
  • Keeping assets separate from your partners prevents the problem of becoming liable for a partner’s debts. If financial accounts are commingled, creditors can seize the assets of one partner to pay the debts of the other.
  • Check with an attorney about the impact of cohabitation on alimony and child support from a previous marriage. State laws vary—in some states, payments may be affected.
  • Social Security benefits are not affected by cohabitation, however. This is why some retirees choose to live together rather than marry and suffer a reduction in income.
 
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