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“Shark Tank” star and O’Leary Ventures chairman Kevin O’Leary is thought for his blunt private finance recommendation whereas making hopeful entrepreneurs sweat on ABC’s hit present — however his newest controversial take has made him the one within the scorching seat.
Whereas showing on an episode of FOX Business’s “Varney & Co.” on Monday, O’Leary stated he doesn’t imagine that married {couples} ought to merge their financial institution accounts and informed host Stuart Varney that you will need to maintain your personal monetary id in a relationship — in case the worst occurs.
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“You need to, on this society, keep your personal monetary id. It’s a must to,” O’Leary stated. “As a result of 50% of marriages finish in divorce for monetary stress over the primary 5 years of marriage, and even you probably have a long-term scenario and something would occur to your partner, equivalent to dying … if you do not have your personal monetary id, you are within the wilderness in America.”
O’Leary stated that he thinks individuals are “nuts” who resolve to merge their accounts and never keep credit standing and accounts of their very own once they enter a cohabitation partnership or marriage.
“I forbid it in my circle of relatives,” he stated. “I drive prenups; I drive pro-cohabitation agreements on others, I need monetary due diligence on important others as a result of I am a realist. I deal in the actual world.”
O’Leary added that in the case of {couples} constructing a monetary future collectively, a prenuptial settlement “helps loads.”
The “Shark Tank” star additionally posted on X that {couples} ought to maintain funding and financial savings accounts within the particular person’s “personal title,” particularly in the course of the first 10 years of the connection.
You do NOT should merge your accounts along with your important different! There’s completely no want to try this. It is crucial that you just maintain your OWN monetary id. pic.twitter.com/oDhCGzzg2H
— Kevin O’Leary aka Mr. Fantastic (@kevinolearytv) March 17, 2024
“You do NOT should merge your accounts along with your important different,” he wrote alongside a video. “There’s completely no want to try this. It is crucial that you just maintain your OWN monetary id.”
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O’Leary married his spouse Linda in 1990 earlier than separating for 2 years in 2011. The couple then resumed their marriage and are nonetheless collectively and share two youngsters, Savannah, 30, and Trevor, 27.
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