Do couples should separate their money?

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Prenuptial agreement is not only annoying, but sometimes degrading for some people. Arguably, it leaves a conception that partners don’t trust each other when it comes to their assets. However, some married couple, without signed agreements, maintain harmonious relationships because they mutually agree to separate their money. How good or bad this financial arrangement between a couple?

According to Cheryl L. Young, a matrimonial attorney at Hangley Aronchick Segal Pudlin & Schiller in Norristown, Pa on The Wall Street Journal, the prenuptial agreement is advisable for two individuals with personal assets such as inheritance. It’s not only a way to protect their individual fortunes, but also to ease stress when one of them died or if they see in court for divorce.  One situation she mentioned that can be affected by prenuptial agreement are those with kids prior to the marriage. It’s a security that they have inheritance.  Young added that the prenuptial actually solidifies the union of spouses because they are aware of their financial status.

Though Philippine law also recognizes prenuptial agreement, it doesn’t allow divorce and has different jurisdictions compare to UK and other countries.

Credit: Pixabay
Credit: Pixabay

Meanwhile, there are instances that couples just decide to keep their money on their own and appoint who is going to pay certain obligations.  Perhaps the husband shoulders paying utility bills and house rent, while the wife covers their baby’s needs such as milk, diaper, and medicines.  In this way, they don’t argue when they individually purchase something expensive as long as they fulfil their obligations.  One issue to discuss though in splitting the expenses is who earns more and who pays less. However with sincere and straight-to-the-point talk will help a couple to avoid conflict about money.

Nowadays, more and more of couples keep their individual income sources in aim to help in their family expenses.  It’s different in old days when only husbands who work to provide for their wives and kids.  Thus, the money issue then would be limited to whether a father was responsible or not. In modern days, when the cultures and lifestyles evolve it’s important that couple talk about their finances. It’s not only about who to pay and how to grow their wealth, but because they are partners in life.