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New Relationships and Money

December 26, 2018

We regularly meet clients who are joining households and would like guidance on merging finances.

  • Some couples put money in a household account and the remainder of their respective income is their own to spend
  • Some prorate how much is contributed to the household account so the ratio of the contribution is the same for earners with different incomes
  • Still others just want to combine everything
  • If you both can’t afford to contribute the maximum to your company retirement plan, which one offers the better option
  • Are you utilizing all the employee benefits offered to support your relationship (e.g. long-term disability insurance, life insurance, medical)?

There is no right way. It is whatever works for your relationship. What is important, regardless of how you arrange your finances in the new joint household is that you talk about money.

Money is a stressful subject for most people. Our ideas about money are often formed growing up based on how our parents related to money. As a two-some, are your views alike, compatible, seeds for arguments?

New Jersey divorce lawyer, Vikki Ziegler, was on Bravo reality television mediating couples’ disputes. When asked for her best relationship advice entering into a marriage or a partnership, she said:

“Get emotionally and financially naked. Tell the truth about your relationship to money, your debts, your spending habits and everything in between.”



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