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Combining finances when one spouse has business

New Contributor

Combining finances when one spouse has business

Does anyone have suggestions on combining finances and splitting bills for couples who are planning one moving together (one partner has a business that is struggling)
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5 REPLIES
Established Contributor

Re: Combining finances when one spouse has business

If the biz is strrugling option 1) owner of biz takes 2nd pt job   option   2) so covers for the owner.

 

 The first couple of years of any biz are tough.  The current biz we have owned for 15 years and started as just a hobby for Mrs Backwoods. About 10 years ago it started getting very serious.  Then we put several small players out of business and took their clients. Now we have plenty of money but no spare time to go on trips or do fun stuff.  We are now looking to add  1 more employee before year end. 

Member

Re: Combining finances when one spouse has business


sueblue34 wrote:
Does anyone have suggestions on combining finances and splitting bills for couples who are planning one moving together (one partner has a business that is struggling)

I would say that it depends on the business and what liability there is financially if the business fails. There is nothing wrong with keeping finances seperate, my wife and I do this today but still make sure that neither of us are in any sort of financial trouble. In my opinion it lowers the risk, why take the chance of ruining both finances, if you can keep one presons credit and finances pristine then it will help protect against never being able to buy a car, get a mortgage, etc....


CURRENT - EQ: 678 TU: 679 EX: 657 - Goal 750
START 6/15/17 - EQ: 590 TU: 610 EX: 587 ----- Gardening 10.12.2017
Super Contributor

Re: Combining finances when one spouse has business

I would keep them seperate.  You can help each other money wise if you want but don't combine them.

 

I have seen one person drag another down because of a failing business

10/17/2017 FICO: EQ 829 TU 830 EX 826
Frequent Contributor

Re: Combining finances when one spouse has business

Keep everything separate. File your taxes separately also which is VERY IMPORTANT 

Member

Re: Combining finances when one spouse has business

Completely agree! Separating your profits is the best solution