Merging Finances

Co-signing Your Life Away?

As you and your partner review your financial lives together, be cautious about co-signing on loans/credit cards for your partner. No one likes to face the fact that a relationship could end, but in the event that it does, you as co-signer can find yourself in a sticky situation. If your former partner has a significant debt attached to the credit card or has defaulted on his/her loan, that debt becomes your responsibility.

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As an alternative, consider keeping credit-related finances separate but open a joint bank account. This is a particularly good option for couples who are not married and may not have legal recourse in the event of a partner's financial difficulty.

One of the top stresses for any marriage is money. If you've just gotten married and haven't planned out your newlywed finances yet, you and your spouse need to do so.

Consider your current and future expenses by determining:

• Your net worth: How much do you owe and how much do you own?
• Your monthly cash flow: How much goes in and out of the household?
• Your savings and debt reduction plan
• Retirement plans
• Life and Disability plans
• Tax Estimates

A financial planner will help you to combine these into a plan that will start your marriage out on a firm financial foundation. If you're not able to find a financial planner right away, search the Internet for online calculators and programs that you can download and complete together.

If you're wondering how to find a financial advisor, most people locate theirs by word-of-mouth. Recommendations from friends, family, and co-workers are the best method, since you can receive first-hand feedback about how the advisor works and whether or not s/he will be a good match for you and your partner: Is s/he aggressive? Hands-on?

Whether you find your financial advisor through a friend, in the Yellow Pages, or online, keep in mind that a good advisor will take an interest in how you and your partner live your lives in order to best assess your financial futures. S/he may determine that combining assets is preferable to keeping your assets separate or vice versa. You don't need your financial planner to be your buddy, but a working knowledge of your lifestyle is a key requirement.

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