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What's In Your Partner's Wallet?
Did you know that four out of five people hide purchases from the ones they love? Considering that money is the number one reason for divorce, that doesn't really make sense. If you want a lasting relationship, it is better to communicate on all things financial.
It's time to sit down and have The Talk, especially if you can't remember the last time you had it. Since most people are getting married later in life, they tend to walk in with their own set of credit cards, bank accounts, investments, and, of course, debt. Most people like keeping their finances separate. That's all well and good, but your partner should at least be aware of what you have.
If you have competing financial goals or different financial habits, communication will be key in keeping you on track and out of crushing debt. A partnership should help each of you reach your goals as quickly as possible, not work against either of you because one is spending money behind the other's back. Make a list of all financial institutions that each of you bank at, and list the account numbers and phone numbers. Have all of your debt information handy in one place that both have access to, that way it's easy to grab in the event of an emergency. For more tips on why it's important to be aware of your spouse's financial situation, click here.
How much do you know about your spouse's financial situation? How much do they know about yours? [CNN Money]