5 tips for avoiding financial disputes with your partner

Is your better half thrifty while you tend to spend? It isn’t unusual for couples to disagree about financial matters. However, it’s important that conflicts be resolved before they impact your relationship. Here are five things you and your partner can do to prevent financial disputes.

1. Discuss your goals and values, and disclose your financial situation before making a serious commitment such as moving in together, getting married, or having children.

2. Divvy up shared living expenses in proportion to your respective incomes. This involves agreeing on what expenses should be shared.

3. Have separate bank accounts for personal expenses.

4. Create a budget together and track your finances.

5. Determine whether shared expenses that one party voluntarily takes on should be considered gifts or loans in the event that you separate.

Finally, consider consulting industry professionals such as financial advisers, lawyers, or therapists if your financial disputes begin to jeopardize the future of your relationship.