Home Buying for Couples—To Split (The Bill) or Not

Bills aren’t complicated—you get them, you pay for them. The problem comes when someone is supposed to share the bill with you. Will it be an even split, or will one of you have to shoulder more of the expenses?

If you’re married and about to purchase a new home, this can be a polarising issue. Naturally, you’ll want your monthly repayments to be an even split between you and your partner, but It’s important for both of you to discuss this issue seriously and come up with an answer that both parties can agree to. Otherwise, not only will you be straining your finances, but maybe your relationship as well.

Evaluate both your incomes

Not all couples receive the same monthly income amount. Often, one spouse receives more than the other, and will naturally have to pay more than the lower-income spouse. Still, some couples decide on another arrangement despite their salary discrepancies. Talk to your partner about the ideal set-up for your situation, and settle the matter long before you begin the home buying process.

Talk to a finance professional

If you’re having trouble coming to an agreement, your best course of action is to consult a financial advisor who can establish the ideal bill payment scheme for you and your partner.

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