Couples & Money: Cohabitation

CBS Boston

BOSTON (CBS) – Living together is definitely the new normal.

According to the Census Bureau, more than 40% of American women under the age of 45 have lived unmarried with a male partner at some point in their lives.

Many couples are trying this approach before marriage and sometimes instead of marriage. But only 40% of these relationships end up in marriage.

So my advice is to treat your finances just as if you were two strangers about to become roommates. Talk about the expenses upfront before your friends start carrying the boxes in. You’re dealing with a roommate, one you’re romantically involved with, but still a roommate.

  • Keep your finances separate. Do not open a joint checking account and do not put each other’s names on your credit cards as a user. Share the basic household expenses like the rent, mortgage and utilities.
  • Make a list of the joint…

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