Frich Reveals: Non-traditional money moves for non-traditional couples
To celebrate Pride Month, we wanted to widen the definition of what it means to plan for your financial future as a couple. Because not all couples want to get married or can have biological children. So how do you navigate life's big decisions, when your finances are looking a little less traditional? Let's dive in!
Just a reminder: we're sharing what our community members responded to our questions. This doesn't reflect the right or wrong answer in any way.
Should queer couples get prenups even if they’re not planning to legally get married?
Frichies were split pretty much down the middle on this one. But we definitely want to mention a few points that are good to keep in mind.
In general, we'd always recommend a couple to get a prenup. Best case scenario it's just a piece of paper that you never end up using. Worst case scenario - you can remove a lot of the stress that comes from breaking up a relationship.
So if technically your finances only get merged when you get married, do couples that don't get married need prenups?
Well, a prenup is specifically designed for legal marriages, but that doesn't mean that not having some kind of agreement for unmarried couples makes things easier. You definitely would want something drawn up if:
- You decide to share property
- You raise a child together
Oh and lastly, you definitely want some kind of legal document (e.g. a will) if you want your partner to inherit something in case you die.
So, while unmarried couples can't get prenups, they definitely can (and should!) have similar legal documents drawn up.
Would you buy a home with your partner even if you’re not married?
Here's what Frichies said - 45% said yes and 55% said no. Our only comment? Whether you're married or not, make sure to have a legal document clarifying how you're sharing this asset. That's money well spent on a lawyer!
Should you merge your finances with a partner even if you don’t plan on getting married?
And again - Frichies are almost equally split in the middle. Told you, this is a tricky topic 😝 But that's what we're here for.
In general, we don't think a legal marriage should be *the* thing that defines your commitment to each other as a couple. If it makes sense to merge finances (because you share property or a child), do it! But always make sure to have a legal contract in place. Like we said - hopefully, you'll never use it but if worst comes to worst... at least you won't be fighting over who gets to keep the living room sofa 😉
