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Should I Share a Bank Account With My Partner?

Sharing Account

When you are in love or falling in love, it can be a dangerous time for your financial health. Love has a way of blinding you to the realities of your romantic partner, and financial stability isn’t usually in the top 5 of most singletons looking for the perfect mate. While it’s true you may not be looking at the financial health of your current love interest at the beginning of your romance, as the relationship becomes more serious, it’s important to start considering what marrying your finances together will look like and whether you need legal help to protect your financial interests.

6 Signs Your Partner Has Money Issues

The current financial stability of your partner could impact future goals such as purchasing a home and paying bills. Additionally, financial concerns are a leading predictor of marriage failure.

Here are six key indicators that your partner may not have a good handle on their finances:

  • Ignoring Bills: If you notice piles of unopened past due bills around your mate’s home, it could be a sign they could be hiding from their financial obligations. If you are worried about these bills, you and your partner can work together to put together a monthly budget.
  • Addiction Struggles: Financial instability can be a symptom of another issue. Addiction can control every aspect of someone’s life, including their finances. If you’ve noticed your partner has money problems, you can look at their lifestyle and purchases to find out if something else is lingering in the shadows. If your fears are founded, you can work to get your mate help to address their mental health or addiction problems.
  • Too Many Open Credit Lines: Credit availability isn’t always a negative indicator. Some people can fight the temptation to splurge, but often, a high number of credit cards can be an indicator that your mate is maxing out their credit on each card and securing new cards to use to make purchases.
  • The Math Doesn’t Add Up: If your mate has a parade of expensive and fancy cars, new high-end toys, and an overall designer lifestyle without the income to match, you may need to sit down and have a money conversation with them. If you hope to understand what’s going on with their financial health, you should be prepared with respectful yet direct questions about how they are able to afford their pricey lifestyle.
  • Muddying the Details: If your partner is avoiding your questions or, worse yet, lying to you about their finances, it could be a sign your mate has a degree of financial instability that could be an issue for your relationship. Lying, hiding purchases, and avoiding bills are key indicators your partner is muddying the details of their money issues to hide their financial issues.
  • Spending Money is Their Only Interest: If your mate’s only hobby is only shopping or spending money, this could be a sign you’re in a relationship with a serious spender. If more than half of your couple time together involves spending money or shopping, you could be getting a glimpse of what it could be like married to your mate. It’s not easy to shake a shopping problem without assistance.

It’s normal to keep your money details private when you’re dating, but once you and your significant other are in a long-term committed relationship, you have a right to know to ask about how finances will be treated in your relationship. Once married, it’s difficult for couples to prevent assets from being shared, so legal preparation is a wise choice. More than half of all divorcees stated that financial problems played a significant role in the cause of their divorce. Spotting the warning signs early can help you avoid problematic relationships or prepare legal protections to safeguard your assets before walking down the aisle.

The family law attorneys at William Kirby Law can help you with legal preparations for marriage, like prenups or postnups if you’re already married. Call us at (215) 515-9901 to schedule a consultation.