Common reasons our younger generation is opting for cohabitation in lieu of marriage:
Fear of divorce: With the divorce rate being upwards of 50 percent, our younger generation is saying why bother with tying the knot.
When considering the reasons, people cohabitate prior to marriage: Fear of divorce, easy exit, uncertainty, financial reasons, and test drive you see a couple of things: 1: Love isn’t a core consideration.
Nonetheless, I consistently advise people who have made or soon to be making major financial commitments with a person who they are not comfortable making life commitments with.
To avoid shackles and a financial mess that often happens with cohabitants, “Do not” do the following until you both say “I do” in marriage.
• Take on any loans in both cohabitants names including car loans, student loans, credit cards, personal loans and mortgages
• Pay for the other person’s bills
• Open joint checking, saving, and investment account
• List cohabitants as primary beneficiaries on insurance and retirement accounts
• Base budget on both incomes.
