Money Mistakes Couples Make that Could Lead to Breakups
Till debt do us part?
The traditional “richer or poorer” phrase in wedding vows is a hard one to keep, considering one in five people in a relationship say their partner is financially irresponsible,and that they’re 10 times more likely to break up for financial reasons, according to a new survey released Monday from insurance comparison website Policygenius.
The survey polled 2,005 adults in relationships and asked them questions like “What financial information do you and your partner know about each other?” and how they deal with money as a couple. The findings revealed that only 50% of people know their partner’s credit score, and yet 78% of those surveyed manage joint finances.
“If you’re at all doubtful about transparency, get a credit check. If they don’t give you permission to get a credit check, you’re in trouble,” Peter M. Walzer, one of California’s best divorce lawyers based in Los Angeles, told FOX Business. “Know everything about your own finances, your mate’s finances and have a plan for how you’re going to work together to budget effectively and save for the future.”
The reality is that most couples openly commit financial infidelity: 12% of people in a relationship have hidden a purchase from their partner; another 20% say they’d spend $500 without telling their significant other and what’s worse, 16% said they don’t know anything about their partner’s money situation, according to the survey.