Advice for Living Together
I've been dating someone for six months now and we're talking about moving in together approx. six months from now.
Some background. I make $43K a year, he makes $150K. I have two daughters (age 14 and & 7) from a previous marriage. BF has said that he will pay all the bills related to the household, including the mortgage, utilities, etc. I will be responsible for me and my daughter's needs, clothes, after school care, etc. Even though my BF has said he doesn't want me to, I plan on paying the grocery bill for the household.
My BF is looking to buy a house in the $300 price range for us to live in together. The house will be in his name only. This is because 1. He was planning on buying a house long before we met. 2. My credit is horrible right now due to the divorce I went through a while back. I'm not concerned about him kicking me out on the street, while we live together I plan on saving my money so if the unthinkable happens I will have a nice cushion to land on.
But there are a few things I've been thinking about. I'm 35 and my BF is 43 years old. If something were to happen to my BF I would not be able to afford the mortgage and utilities on my salary alone. But what could I do with the house if something were to happen to him?
Even though he has said he'll pay for all household related expenses, I was thinking we should set up a joint bank account with both of our names on it. We can still keep our personal checking accounts separate, but I'm thinking a joint bank account would be good for an emergency savings account. I mentioned this to him and he said he doesn't want to get too entangled with someone else's finances. After having someone else ruin my credit I can kind of understand where he's coming from.
So I'm looking for financial advice for two adults living together. Is there anything I'm not thinking about?
Also, how do I discuss these issues with my BF in a tactful manner without coming across as a insensitive gold digger waiting for him to kick the bucket? Because that's not the case at all. I just like to be prepared for all outcomes. I'd rather talk about these things before they happen instead of waiting until it happens and then try to scramble and figure things out.