Moving in together is an exciting time in a relationship – it’s a huge step that is often veiled with rose-colored glasses. But when you live together or, even more so, get married, you are now hitching your wagon to another person’s money choices, habits and lifestyle. For instance – even if you keep your finances completely separate, there are nine states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) where your partner’s debt becomes your debt if you’re married in those states.
What are the big money questions you and your partner talked about when you started living together? Did you disclose your debt? Did you create a shared budget? How do you split your rent and utilities? These are all the big questions that many people don’t want to ask or tackle. But the repercussions of not being on the same money page could be great.
Our Friends with Tax Benefits have been through it, and they’re sharing with you advice they followed, observations they’ve made and what their big red flags are when it comes to life partners.
If you have a tax question for our resident tax expert, Kat, submit your question in the comments, and it could be answered in a future Friends with Tax Benefits episode!
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The views, information or opinions expressed during the Friends with Tax Benefits podcast series are solely those of the individuals involved and do not represent those of Intuit, TurboTax or any of its brands. The primary purpose of this podcast series is to educate and inform. This podcast series does not constitute financial, legal or other professional advice or services.