Like we don’t have enough to worry about financially. What happens when you’re looking to combine your life with someone else at 45, 50, 60?

On the one hand, this could be a huge win-win: you’ve found someone amazing to go through life with, they make you laugh, your kids like them and sharing the load on expenses (Or even sharing mortgage payments!) can really ease your money burdens.

Having ‘The Money Talk’ is one thing when you’re 23 and your assets include a beat-up 1995 Toyota Corolla and are renting a 500 square foot studio with an alley view than they are when you have a complicated bag of investments, debts and a beautiful Waterford crystal collection to account for.

According to a Lending Tree survey, 19% of people asked said they have ‘no idea’ how much money their partner (dating or married) makes. And while privacy is certainly something to respect, if you are truly in the dark about your person’s financial situation - that is a problem.

Having the money talk isn’t something you do on the first date, but you need to have it well before you start signing documents and sharing assets you’ve spent your life building.

According to Psychology Today, financial disagreements are a leading cause of marital problems, and Texas-based Jiminez Law Firm claims that 41% of divorced Gen Xers said the reason their marriage ended was due to financial disagreements.

The point: Make sure you’re well-informed and on the same page about money before you fully commit to someone, or start sharing assets with them.

Both of you should be clear on any outstanding debt you've accumulated before making a serious commitment to each other, like getting married.

Having 'the money talk' means you should lay all of your debts out on the table, including:

The total amount of debt you both carry can affect everything from when you retire to planned renovations, savings, vacations, student debt and the timing of any other short-term goals you may have, like buying a home.

You might decide to share a credit card as a couple so that you can both make large purchases.

However, it's critical to respect each other's comfort levels with the charges you have on the card at any one moment. It could cause conflict if one individual willingly takes on more debt than the other is comfortable with.

Therefore, when working with shared funds, setting boundaries ahead of time is critical! A threshold for spending money should always be agreed upon before making a transaction.

Joint accounts are a gray area in couples’ finances.

Attitudes toward sharing finances or joining accounts also have generational ramifications. One study found that 48% of married Gen Xers have only joint accounts. 

Some couples share checking and savings accounts, while others only have one or the other, and some couples keep their money entirely separate. Whatever works for you and your partner is what matters.

To avoid making assumptions based on what you would want, you need to ask your partner what they would be satisfied with. 

Your credit score affects every situation when you need to borrow money.

Personal loans, credit cards, refinancing a mortgage, getting a personal loan…these will all take into account what your credit score is, and you will get a higher or lower rate depending on how healthy yours is.

Being straight up with your partner about this is critical, and while not a deal-breaker necessarily, you may need to postpone major purchases or decisions until one or both of you can bring that score up.

Side note: While having a low credit score may just come down to some questionable decisions and a string of bad luck, it could also be a red flag for someone who is not great with managing their money. All the more reason to have a conversation about it.

Your relationship may have more to do with "opposites attract" than just being an introvert and an extrovert.

A relationship might also be impacted by the buyer and spender's personality. For any potential joint accounts that you and your spouse may have, it is crucial to understand each other's spending preferences.

By agreeing on what can be charged on that account, you can avoid future disputes over unclear charges and expenses.

Talking about your views on money helps to prevent any surprises with your person - finance-wise.

You have to iron out these issues with your partner.

Knowing your partner's money philosophy helps you identify their money personality and prepares you for the unexpected. 

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