3 Signs You & Your Partner Are Ready To Share Money, According To Experts

Before you merge your money, Spira says you should first talk about what you want for your future life together. "The decision to share money or [a] open joint banking or credit card account usually happens when you know you’re planning a future together, or have already gotten engaged or moved in together," Spira explains. "It makes sense to discuss finances before cohabitating so resentment doesn’t build as a couple." Spira says two of the biggest reasons couples break up are money and sex, so being prepared before you share money is crucial.

Part of adulthood means learning how to manage your money, as complicated as it might be. Dealing with credit card debt, student loans, and managing all your bills can be hard for some, but adding another person into the mix can complicate things further. But, Spira says that if you and your partner can come to an agreement on how to pay for things, you might be ready to share finances. "Sharing money doesn’t have to be a 50/50 split," she says. "Often one person has a higher salary and bank balance than the other, so discussing money and the amount each person will contribute as a couple is important to the health of your relationship."

Additionally, if the two of you can talk about how to handle debt and finances in general, merging your finances might be the logical next step. "If your relationship is getting serious, it’s time to talk about finances," Spira adds. "I believe in sharing credit reports, so there are no hidden surprises. If one is filled with credit card debt, you can decide together on a strategy to repair the financial health."

Large purchases such as homes or cars can often go hand-in-hand with adulthood and serious relationships. If these are plans you and your partner see for your future, then the two of you could be on your way to splitting money, however you see fit. "Sharing money might include buying a large purchase, such as a car, or a home or condo together," Spira says. "While it can be fun going house-hunting, if you’re about to put both of your names on the title, typically someone will put more money down on the deposit or pay the mortgage, while the other might pay for utilities and maintenance fees. If this is the case, usually couples will create a household bank account that both can contribute to based on their ability to have funds to do so."

Sharing money is a big deal, and it shouldn't be entered into lightly. "Not every relationship is destined for a happy ending, so couples should have separate bank accounts, even if they have a joint account, in the event the relationship goes south," Spira says. It's a personal choice, so it's important that you and your partner are on the exact same page. After all, you both deserve to be happy and secure with your relationship, and your money.