I have noticed recently that I am doing more meetings with friends or business partners where both parties have no financial secrets. A few years ago this never happened. So perhaps attitudes are changing?
On the other hand I do keep many of my client’s financial secrets from their loved ones. “Don’t tell my wife about my membership to that golf club”. “I’d rather my boyfriend didn’t know about this inheritance”. These are very common, and as a consequence, I am used to the “if in doubt say nothing” philosophy. So to have friends and business partners who are very transparent financially, it is strange to me. It is something that I have had to teach myself to deal with.
According to a recent survey by Fidor Bank, 77% of Brits reveal all their secrets to their partner within one year. Now when I met my husband (many moons ago) we had no financial secrets to share! We were poor students with a student loan and that was about it. If you are in a new relationship and want to protect yourself financially here are a few things you can do to protect yourself:
- Understand that you can have a bad financial credit rating by association i.e. by having a bank account together for the house bills.
- If you buy a house deposit together and don’t contribute equally get a solicitor to document this and decide what would happen if you were to split
- If you are getting married, why not consider a pre nup?
Please share this with any of your friends who are in new relationships.
Lots of Love
Miss Lolly xxx
p.s. Did you know you can also get a post nup too?