Generally, being in love makes people a little goofy! If you are in love, good for you! May you have a long and mutually beneficial relationship. Oh, and by the way, when the fog lifts you will find that you have also entered into a business deal with another person.

It is important for you to know if that person is responsible with money before you seal the agreement, because if the person is not, you can kiss your assets goodbye. You also need to know whether or not the state where you dwell considers the assets of the partnership (marriage) as jointly held or not. In some states, if the partnership breaks up, the court considers that all the assets of the two people are jointly and equally held and you should get half of the proceeds (and, if your partner has not contributed one penny to your life together, your partner will get the other half). In other states, the law says that property inherited by one of the partners belongs only to that partner, and that property in the name of only one person belongs to only that person.

Some other things you should consider:

• When you marry, you inherit your partner’s debt and you co-own the tax bill.

• If you take more assets into the relationship than your partner, or if your partner has a lot of assets and a well-paying job, and you have agreed to stay home and raise a family, you should ask for a pre-nuptial agreement. Most people are too timid to initiate a conversation about a “pre-nupt” before the ceremony, but you should know that AFTER the ceremony IT IS TOO LATE! The purpose of the pre-nuptial agreement is to make sure that if the partnership dissolves; you will not be left with NOTHING. Since one out of two marriages doesn’t make it, fifty percent (50%) of you will wish you had paid attention to this.

• Many financial advisors suggest that the partnership have three checking accounts, one for each individual, and a “household account” to which both of you contribute. They also suggest that the contributions to the household account be determined by a percentage, rather than each person making an equal contribution. That means if your partner makes 60%, and you make 40% of the total household income, the partner should contribute 60%, and you 40% to the household account. If you stay at home to raise children, the partner should either pay you what it would cost to pay for the many services that you provide (cooking, cleaning, laundry, child care, taxi, etc.), or provide you with a negotiated amount that goes into YOUR checking account to do with as you please.

It is also a good idea for you to keep a credit card in your name (only), to which you make regular, on-time payments, so that you will have an individual credit history.

For many people, having a habit of saving regularly, spending less than they earn, being free of credit card debt, and protecting their assets, is enough for them to fulfill their dreams of owning a home, raising children, taking an occasional vacation, and saving for retirement. If you want more than this, look at Grow Your Assets.