If you are ever the victim of a dog bite, you may submit a claim against the owner of the dog, seeking monetary compensation for the medical expenses incurred as a result of the injury, wages you may have lost as a result of missing work, and other related losses. Typically, the homeowners insurance of the dog owner pays out the claim. Handle a Dog Bite? VENTION WEEK
A few decades ago, almost all married couples combined their incomes into joint accounts. Since most households only had one earner, it just made sense. Today, a lot has changed, and only three-quarters of married couples combine finances. Now that there’s more than one way of doing things, it can be hard to determine which option might be best for you and your spouse. Combining finances is the traditional way of doing things for a reason: It’s streamlined. With a joint account, it’s simpler to budget, save, and reduce debt. If one partner makes significantly more than the other, it also puts both people on even financial footing. But problems do arise. In some cases, the higher-earning spouse may feel taken advantage of, and someone who is previously used to managing their own money can bristle under new spending restrictions. Furthermore, if one person spends money foolishly, they’re spending it for both parties. And if the couple splits, separating assets becomes tricky. That’s why keeping finances separate is increasingly popular, especially as couples settle down later in life with established careers and salaries. This method provides more independence for each person in the relationship and generally results in fewer disagreements regarding disposable income. It also provides protection if someone’s partner makes a big financial mistake. But despite all of the potential upsides, keeping finances separate can actually create the need for more conversations about money. First, couples should decide who is responsible for what. Disagreements can arise when determining how to split the bills, and getting both shares put against one payment can be annoying. Plus, money arguments aren’t eliminated — couples THE PROS AND CONS Should Couples Combine Their Finances?
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with separate finances can still face problems when one person always pays their part of the bills late or buys something frivolous instead of saving for a joint purchase.
Some couples try to have the best of both worlds by opening joint and individual checking accounts. In the end, the only “right” way to handle money as a couple is the way that works best for your relationship.
But no matter what method you choose, managing money
together will require trust, difficult conversations, clear communication, and transparent expectations. Getting on the same page can save you from future problems — in both your relationship and your bank account.
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