Should my new partner and I share our money?

Congratulations on your new partnership! You may be excited to share your life with someone new, but sharing your finances can give you cold feet. The good news is that there’s no one right way to do it. It’s about discovering the way that’s right for the two of you.

Talk the (money) talk
You and your partner may come to your relationship with different goals for retirement, opinions on how to pay for your children’s education, and budgeting styles. You might also have debt, alimony or child support. Getting on the same page about everything from who pays the monthly bills to when you’d like to retire can help you keep money stress to a minimum.

To merge or not to merge?
You and your partner may come to the table with very different account balances, investment strategies or financial experiences. Or maybe you two are equal in every way, but you’re not ready to give up being in charge of your money. No matter how you feel, it’s a great idea to talk to your financial professional (or find a new one you both can share) about the pros and cons of sharing financial accounts vs. keeping things separate.

Review your investments
Do you have college savings accounts for your children but your partner doesn’t? Will health insurance coverage for your new family cost more? Are you taking on a bigger mortgage payment or will you divide yours in half? Make a list of all your investments so you know where you’ll need to fill in gaps or where you can save money. Then work with a financial professional to make sure your current investments can help support new or changed expenses.

Premarital agreements (prenups) can be practical
It’s not the easiest conversation to start, but it’s important. If both you and your partner come to the marriage with established careers and healthy finances, you might want to keep “what’s mine is mine” to make things simple. A prenup can also protect your children’s financial security and inheritance in the event of your death. It’s not romantic, but it’s one less thing to worry about down the road.

The right way is your way
Maybe you want to have a joint checking account to manage household finances but keep your investments separate. Maybe you can’t afford to split expenses 50/50 but want to contribute something to a joint savings account once a year. Or maybe you want to choose to do it one way for now and talk about it again in a year. Whatever decisions you make, being honest, staying informed and getting independent legal and financial advice are key steps you can take to keep your new partnership going strong.