Should You Have Joint Asset With Your Spouse

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It is easier for couples to achieve a lot together with joint effort and that is why some couples decide to team up financially to buy assets or even have a joint bank account. You might have found yourself in a situation where neither you nor your spouse can single handedly acquire an asset without you both adding your finances together to acquire it and you are confused if you should acquire an asset together with your spouse.

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There is nothing wrong with you and your spouse acquiring an asset together afterall both of you have become one flesh and your union is still death do you part. Well, this is as good as it sounds in theory but in practical it turns out not to look as good as it sounds.

The honest reality is that as long as the relationship is good you have no problem but as soon as the relationship goes sour then an asset acquired jointly becomes a problem, it’s even worst if you are from a third world country where there are no laws or the culture highly favors a man.

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If you must acquire an asset together as couples or even contribute financially to the building of a house ensure that both your names are written as the owner of the property. Especially for the woman ensure your full names are writen out and not just Mrs whatever. There must be a written agreement about how to split the asset incase of any occurrence. Ensure all this is in place if you must acquire an asset together or even contribute financially to the construction of a building.

It is better to acquire your asset individually as it is better in the long term. Your spouse can support you financially but it should be clear its just support and doesn’t entitle your spouse to the asset. Especially as women do not let your emotions or sentiments cloud your mind, stop supporting your husband with all your finance to build a house that at the end of the day your name isn’t on the document as part of the house owner. You could use the money to acquire an asset in your name.

I know no one prays for their relationship to go sour but the reality of life can’t be swept under the carpet. Hence, don’t be carried away by the romance in your relationship presently instead always think about what if things goes sour what then happens before deciding to either acquire an asset together or not.

If you must acquire an asset together as couples ensure the terms are clear and documented. However, it is the best to acquire your asset independently to safeguard yourself from any future issues.

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Disclaimer: Opinions expressed in comments are those of the comment writers alone and does not reflect or represent the views of MyRegistryWedding.

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