16. The Big Reveal: Hidden Financial Risks and How to Protect Yourself

With our busy schedules and juggling so many responsibilities, we often make some significant personal decisions that can have financial consequences that we fail to carefully consider. We can protect ourselves from unanticipated twists and turns in situations with some forethought and planning. In the tapestry of life we regularly make decisions as to who we live with whether it is a significant other or a roommate, whether we commingle our assets with our spouses, and how we establish our credit, whether jointly or independently. These decisions are wrapped up in personal relationships and the hidden risks, though not patently obvious, should be considered. As always, an honest, open, and practical approach is the best strategy to be fulfilled personally and to protect your individual financial status. Sources:United States Census Bureau, 2019: https://bahnsen.co/2VWYvqjMarriage and Cohabitation in the U.S.: https://bahnsen.co/2ZRLorhKey findings on marriage and cohabitation in the U.S.: https://bahnsen.co/2Z85dLSNational Health Statistics Reports: First Premarital Cohabitation in the US: https://bahnsen.co/2VYfNmZCohabitation Property Rights for Unmarried Couples: https://bahnsen.co/3gJNLDHLewitt Hackman: https://bahnsen.co/38KC1OsMoney Crashers: https://bahnsen.co/3fcW6z5Premarital Cohabitation and Dividing Assets During your divorce: https://bahnsen.co/2VYf1q5Common Law Marriage by State: https://bahnsen.co/2AEi6Uz5 things all roommates need to know about renter’s insurance: https://bahnsen.co/2ZRMgw3Commingled Property: What it is & How it will impact your divorce: https://bahnsen.co/31YnCwOGet Married, But Keep Your Credit Separate: https://bahnsen.co/3e5VnhPExamining the Relationship Between Financial Issues and Divorce: https://bahnsen.co/3ebuk4ELinks mentioned in this episode:TheBahnsenGroup.comTheFiscalFeminist.com