When you start a new relationship with someone, it’s common to be on the lookout for red flags, which might include financial red flags. Some people aren’t sure whether or not they should combine finances with their spouse once they are married. Even in our office, we have variations in opinion on this matter. Some people split all expenses equally. Each spouse gets paid in separate accounts and after paying bills, what’s left belongs to both individually. On the other hand, there are those who are more traditional and combine both incomes into one account.
Before making a more serious commitment, you need to be aware of some financial red flags. The biggest red flag is secrecy. Pay attention to your partner’s behavior around money. If they avoid the topic altogether, don’t share much about their financial history, or make big purchases without sharing details or having a prior conversation, that can be a red flag. Ultimately, look for a companion that has similar thoughts about how to handle finances, and who shares some of the same goals as you.
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