Finance for two: how to manage money in a couple and what to take into account in case of separation

In the midst of the high inflation recorded by the country – in July indec measured 51.8% year-on-year – keeping personal finances in order is always a great challenge. Even more so if the budget is shared as a couple; and especially if it must face a separation of assets and obligations.

However, confinement in the midst of the pandemic was also a major blow to every consolidated marriage. The Civil Registry and Capacity of The People of the City of Buenos Aires reported that 4,480 couples decided to break their bond during the first year of the pandemic. Now, what about the economic and financial situation of each of the parties.

“There is no doubt that when two people decide to break their marriage bond, they must reorganize many aspects of their life and one of them is to restructure their economic situation. When joint liabilities must be cancelled, each member can take out an individual credit and assume their share independently,” said Florencia Valdes, Marketing Manager of Adelantos.com.

To get an idea of how to make an orderly transition from couple to personal finances,from the online lending company highlighted some items. The first has to do with talking and reaching an agreement to resolve the expenses they have together, whether it is the children’s school, requested loans, mortgages, car fees or credit card balances.

Secondly, they indicated that before moving towards the new financial planning, it is important that the debts incurred during the union are settled.

The third point has to do with being aware that the divorce procedure involves an expense and possibly there is also division of assets.

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