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Financial Independence

Writer's picture: Terry AndersenTerry Andersen

Updated: Dec 26, 2024

Entering a committed relationship is a significant milestone, often marked by love, trust, and a shared vision for the future. However, as you take steps toward deepening your connection with your partner—whether it’s moving in together or planning a life as a married couple—it’s essential to ensure that your emotional commitment is matched by a solid financial and legal foundation.


Maintain Financial Independence

Regardless of age, assets, or financial status, one of the most empowering things you can do for yourself in a committed relationship is to maintain your own financial independence. This doesn’t imply a lack of trust in your partner; rather, it’s about safeguarding your autonomy and ensuring that you have the freedom to make choices that are best for you.


Have Your Own Income

Financial independence means having your own income, managing your own savings, and being fully aware of your financial situation. It provides a safety net in case of unexpected life changes and ensures that you can support yourself if the relationship dynamics change. Even in the most loving and stable relationships, maintaining financial independence allows you to contribute equally to shared expenses and goals without losing sight of your personal financial security.


Cohabitation and Prenuptial Agreements

Before moving in with a partner or taking the step of marriage, it’s crucial to have a candid conversation about legal agreements. Cohabitation agreements and prenuptial agreements are tools designed to protect both parties in the relationship. They outline how assets will be divided, how debts will be managed, and what will happen in the event of a separation.


Common Law

A cohabitation agreement is particularly important for couples who choose to live together without getting married. It clarifies each person’s financial responsibilities and what happens to shared property if the relationship ends. Similarly, a prenuptial agreement is a must for those planning to marry. It can protect assets acquired before the marriage and ensure that both parties enter the union with clear expectations and understanding.


What If Your Partner Refuses?

Bringing up the topic of a cohabitation or prenuptial agreement can be uncomfortable, but it’s a necessary conversation. If your partner is unwilling to agree to such arrangements, it’s essential to pause and reflect on what that refusal may indicate. A partner who is truly committed to you should also be committed to ensuring that both of you are protected and have a clear understanding of your financial responsibilities.


Red Flags

If your partner refuses to discuss or agree to a legal agreement, it may be a red flag that needs to be addressed proactively. It could suggest that they are not as invested in protecting your interests or that they may have different views on financial transparency and fairness. In such cases, it’s crucial to reconsider the relationship’s trajectory and whether this is the right partnership for you.


Final Thoughts

Entering a committed relationship is an exciting journey that's vital to approach with your heart and mind. By maintaining your financial independence and securing a cohabitation or prenuptial agreement, you're taking proactive steps to protect yourself and ensure that your relationship is built on a foundation of mutual trust, respect, and understanding. These measures safeguard your future and strengthen the relationship, providing both partners with the clarity and security needed to thrive together.




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