Transparency in your finances should be established from the outset to avoid any nasty surprises down the road. Before making a legal commitment to someone, you should know exactly what you’re getting yourself into – make sure you see your partners bills and credit report head of time. Note: in some countries, married persons must file for bankruptcy together. In cases where one partner is able to file bankruptcy individually, the other may find themselves responsible for their partner’s unpaid debts.
To avoid arguing over money, keep both partner informed as to the state of the finances. It may feel, particularly in the beginning, that you’re having to answer to someone else about YOUR money. Try to re-frame it that you’re checking in with each other to ensure that your financial future is secure. Make a promise to each other that you will do nothing that will jeopardize the financial future that you’re working toward, and then prove it. Share with each other all your account information, even if the accounts aren’t joint account. Obtain a credit report annually to ensure that nothing inappropriate is happening. Work on and stick to a budget that includes saving for a rainy day.