The hidden side of politics

As the cost of living skyrockets, 23% of couples stay together mainly because of money constraints

Reported by CNBC: 

Managing finances in a non-traditional relationship

Marriage is a union of love, but it’s also an economic arrangement.

Stacy Francis

CEO of Francis Financial

“Marriage is a union of love, but it’s also an economic arrangement,” Francis said, “and we don’t think about the money part until there are issues and problems.”

Why a ‘yours, mine and ours’ account setup is smart

Experts say there’s generally not a right or wrong way for couples to manage their assets, as long as they are on the same page.

There can be varying degrees of financial entanglements. About 62% of couples who are married, in a civil partnership or living together share at least one account, LendingTree found. Fewer — roughly 41% — completely combine funds. 

Francis recommends “having yours, mine and ours,” so each person has their own money in additional to a joint account that they each contribute to — “typically as a percentage of your salary that goes to joint expenses.”

Co-mingling an account may lead to less frequent fights about money, LendingTree also found. Of those who share at least one account, only 12% said financial issues caused problems with their partner, compared to 15% of those who don’t have a shared account.

“By sharing an account, it gives each partner equal visibility into what’s going on in that account,” said Matt Schulz, LendingTree’s chief credit analyst. “That can help grow trust within the relationship.”

Further, 58% of those who share at least one bank account said they stayed together after a financial argument, compared to only 47% of those who don’t have a shared account.

Here's when couples should start having tough conversations about money