Money Without Matrimony
Generally, books on finance can be dry and difficult to read. That’s not the case with Money Without Matrimony: The Unmarried Couple’s Guide To Financial Security. Authors Sheryl Garrett, CFP, and Debra A. Neiman, CFP, MBA, have put together a book that is not only easy to read, it is interesting as well.
This is a very timely book because more couples are choosing not to formalize their relationships with marriage than in the past. Some couples are afraid of that legal commitment and others are unable to enter into a legal commitment.
So, if you’re living in a pseudo-marriage with someone, what financial concerns should you have? Read this book by Certified Financial Planners Garrett and Neiman and you’ll become educated about your situation.
The following is an excerpt.
LIABILITIES
This is one of the few areas in which unmarried couples can come out ahead.
For example, couples don’t have to assume each other’s debt. That means that you have no legal responsibility to pay off your partner’s debt. No such luck for married couples! Capitalize on the opportunity.
WARNING! Beware of co-ownership of an asset or liability with someone else, including a parent, child, or partner. It’s not about love. It’s about risk and liability.
Don’t even think about merging assets with a partner without first looking at his or her liabilities. Do ask about prior credit history and credit rating. Even consider requesting copies of both of your credit reports, then reviewing them together. If your partner’s finances are laden with huge liabilities or potential liabilities and credit issues, merging your finances can drag you down, too. Think twice before you put your name on your partner’s debt.
That’s just one small nugget from this extremely valuable book. Every person who is in, or will be in, a relationship with another person needs to read Money Without Matrimony. That pretty much means everyone reading this review.
This book is simple to read, packed with important information, and, if you’re considering or are in a serious non-marital relationship, it could be the best investment you make this year.