Whose money is it, anyway?

Love is an ocean of emotions, entirely surrounded by expenses.~ Lord Dewar.

It starts out innocently enough.
You treat yourself to another massage at the end of a bad day—and you just happen to not mention it to your partner … either time.

Then you splurge on a new fitness gadget (it was on sale!), and when your significant other asks about it, you shrug it off and say you’ve had it for a while.

You didn’t plan to deceive your partner. It just happened. Besides, you think to yourself, “Does anyone else really have to know my every money move?”

It’s not like you’re accruing massive debt or mortgaging the family home. You’re simply splurging a little now and again … and again. Guess what you are Dabble In Financial Infidelity..... mainly if you have an  Our joint bank account

What did I do that was so wrong?  

 If you’re worried that you or your partner has spending habits that are totally out of control and are putting your family’s financial security at risk, keep reading.

What is out-of-control spending?
Money issues are a major factor in relationship breakdown and are often cited as a cause of divorce. Try to face up to your problems together before things go too far.
Put simply, it’s spending more than you earn. Not just once in blue moon but every month – often on things that neither of you or your children need. Danger signs are a constant (and growing) overdraft, multiple maxed-out credit cards that you pay only the minimum on, and struggling to get to the end of the month without more borrowing. In some cases it could mean taking out payday loans to make ends meet.
If you or your partner’s spending is out of control, you need to take action now.

Step 1 – Talk to each other
Sticking your head in the sand isn’t going to make the problem go away. If anything, it’ll only make the problems worse and drive you further apart. Find a time to talk about your concerns.

Honey we need to talk about spending!

Talking about money with your partner
If you’re ready to fight your spending together, you’ll find ‘Stop Spending if you make it a priority.
If talking just ends in arguments (and relationship problems can often be one of the main causes of comfort spending), you’ll need outside help from an adviser, a debt counselor or even relationship counselor.
If spiraling debt is the main problem, contact a free, impartial debt advice service.
Choosing a financial adviser

Protect yourself and your family

Did You Know?
Your credit file is not automatically linked to who you’re married to or who you live with, unless you’re financially linked to them through a mortgage, joint bank account, joint bills or  credit cards.

There may come a time when you simply can’t see a light at the end of the tunnel. If that’s the case, you need to protect the rest of the family from the problems that will be created by the over-spending.

Avoid joint debt!!!!!

If you have any joint debts, remember that both of you are liable for repaying them in full. If your partner doesn’t pay their share, you will still be liable. So don’t agree to new joint debts unless you are entirely happy with the arrangement. In particular don’t agree to debts secured on your home.

Keep your credit card to yourself!!!!!

Although credit cards can’t be ‘joint’, it’s common to have a main cardholder and an additional authorized users. When an authorized user runs up an unmanageable bill, it’s still the responsibility of the main cardholder to pay it off. So if your partner is an authorized user on your card, consider cancelling the authorization.

Protect your credit rating

Being financially linked with someone else can affect your credit rating, and possibly make it difficult for you to get new credit. If you can, avoid joint bank accounts, joint loans and joint bills until your partner’s credit situation improves.

Whatever agreement you make with your soon-to-be ex doesn't change your liabilities. Lenders still consider you both to be equally liable.

Read more: 
http://www.creditcards.com/credit-card-news/6-secrets-joint-credit-1267.php#ixzz3jONqA445