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In for a penny, in for a pound

Make no mistake, when you agree to make someone your significant other, your financial future is tied to theirs.  Despite your best efforts to keep your finances separate, you may find that some collections companies are quite happy to put you down as the co-owner of the account.  Even if you decide to throw your lots in together, it may be difficult to rein in the spending habits of your better half.

As money is widely considered to be amongst the top issues that couples fight over, both partners should be involved in the finances and an agreement struck regarding financial priorities.  It would be foolish of one party or the other to completely cede control of the financial health of a relationship to the other person, even if the subject bores them to tears – you could be stuck paying a bill much larger than you knew existed.

Frequent discussions regarding the state of your money should be scheduled and should include the total amount of debts, the total amount of assets, and any reasonable changes to the current budgets.  Attempt to pay off debts as soon as possible and obtain an annual credit check on both partners to ensure that identity theft or other fraud (that would include your secret credit card to buy shoes) isn’t being perpetrated.

You have no choice but to root for the financial success of your partner and your partnership but you needn’t do it blindly.

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