Money is a common cause of conflict in relationships and, unfortunately, the reason for the separation of many couples. Of the divorced, 21% said it was the money that motivated the split – and the higher the respondent's income, the more likely the financial problems were to cause the divorce, according to a survey of the dedicated MagnifyMoney site. to personal finances.

But the money is not to sow chaos in your love life. With the right attitude, even financially incompatible couples can live happily ever after. So whether you're ready to take a trip down the aisle or have been married for years, take a look at our quiz to find out how to balance your union – and your checkbook.

1: True or false: You must share personal financial information before your wedding.

  1. A truly
  2. B. False

The correct answer is A. A. True

According to Coral Gables Financial Counselor Cathy Pareto, Florida, it is essential to have quick and frequent contact with your sweetheart to avoid a fight on the road. Although 88% of Americans think it's important to discuss finance before bonding, according to a SunTrust survey, a pre-marriage discussion about how they will manage their money. And respondents to a Merrill Edge survey place most major relational milestones – including meeting family, being intimate, traveling together and discussing politics – before having conversations about money. "Often, I find that couples really do not talk about money.In fact, it's a dirty subject," said finance lawyer Natalie Elisha. Make sure you have regular conversations about your debts, your income, your credit history, your investments and your goals.

2: True or false: you are going to get married and your two employers are offering health insurance benefits. It is always best to abandon a plan and register as a couple to each other.

  1. A truly
  2. B. False

The correct answer is B. B. False

Do some research before making a hasty decision. Which company offers the best plan? How much does it cost as an employee and how much does it cost to cover a spouse? Depending on your employer's plan and grant, it may be cheaper to maintain two separate health insurance policies. You may want to revisit the problem if you decide to start a family or change jobs.

3: It carries $ 10,000 in credit card bills. She pays her balance in full each month. Who is legally responsible for repaying the debt once they've got married?

  1. A. You are a team now
  2. B. it's his debt and his responsibility
  3. C. The one with the biggest income
  4. D. neither one nor the other; debts incurred before marriage disappear when you tie a knot

The correct answer is B. B. It's his debt and his responsibility

However, each couple must decide how to handle the situation in the way that suits them best. Maybe she 's making more money than he and she' s ready to help her. Or maybe they agree that he should focus his efforts on repaying his debt while sparing money to achieve their short and long term goals. Once they are no longer in debt, they can decide together how to achieve their common financial goals.

4: True or False: For a happy marriage, the rule of thumb is to merge all your financial accounts from the beginning.

  1. A truly
  2. B. False

The correct answer is B. B. False

For some couples, especially those who have bought a house and had children, it makes sense to consolidate most or all of your accounts. But until you have had many honest conversations with your partner about how you will manage your money together, keep your accounts separate. "It's better to wait to get involved than to do it too early and be uncomfortably surprised to find that you have an irresponsible partner," says Pareto.

5: When there is money in reserve, she wants to put it in a savings account. He would prefer to customize his bike. What is the best way for a sparing match to spend to avoid a fight?

  1. A. Avoid talking about money
  2. B. Keep some of your money separately
  3. C. Always choose to save rather than spend
  4. D. None of these answers

The correct answer is B. B. Keep some of your money separately

You can be a couple, but that does not mean you agree on everything. Keeping separate bank accounts for occasional follies can help prevent futile money fights. Consider creating a common chequing and credit account for mutual expenses, as well as managing separate chequing and credit accounts, as long as you set spending limits that each partner can spend without talking to them. advance of a purchase with the other. And keep your partner aware of the accounts you open yourself. According to a survey by CreditCards.com, one in five Americans living with a spouse or partner resides in a bank account or credit card account with a loved one.

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6: True or False: If you and your spouse both have a student loan, it is not advisable to merge them to simplify the repayment of your debt.

  1. A truly
  2. B. False

The correct answer is A. A. True

Consider the worst case scenario: if you find yourself separated or divorced, it would be almost impossible to extract the balance of each person's debt. Moreover, if one of the spouses is defaulting, the other is responsible for the loans.

7: True or False: He buys shares on good plans. She keeps all her money in low interest rate savings accounts. This couple is best able to separate their investment lives.

  1. A truly
  2. B. False

The correct answer is B. B. False

Together, a couple with different risk tolerances can be a good investment team because they can leverage their strengths and compensate for each other's weaknesses. Have an overview of your investments and make sure your overall asset allocation is geared to your age and goals. Then look at your investment options. If, for example, its 401 (k) plan has a stable value fund with attractive interest rates, it can put some of its retirement savings into it, while adopting a more aggressive approach in its pension plan to supplement its conservative allocation.

8: True or False: His credit score is 780, while that of 610 is less desirable, and they want to apply for a mortgage. The best solution for the couple may be to apply for the loan only based on their income.

  1. A truly
  2. B. False

The correct answer is A. A. True

If a spouse has a significantly higher score, she will get a much lower interest rate on a loan. And as long as your two names appear on the title, common assets can still count, even if you apply for the loan on behalf of someone. However, an income-based application may reduce the amount you can borrow. If you take out a loan at the same time, the credit history of one person will not affect the credit history of the other if you make your payments on time.

9: You want to save money for the future college education of your children and for your retirement. What should be your priority?

  1. High school
  2. B. retirement
  3. C. Spread your long-term savings evenly between the two

The correct answer is B. B. Retirement

Your children can borrow money for the university, apply for scholarships, work to earn extra money and shop in less expensive schools. But there are no scholarships or loans for retirement, so put your future first. Make sure you spend at least enough money on your 401 (k) plan to capture any employer matches before reallocating money to student savings. You can also designate percentages of your savings for each – say 85% in retirement and 15% in college.

10: Who should manage household finances?

  1. A. The partner who is more interested in personal finances.
  2. B. The partner who has more time.
  3. C. Both members of a couple should play a role.
  4. D. It is best to assign these tasks to a financial advisor.

The correct answer is C. Both members of a couple should play a role.

If a partner is more inclined to downsize and survey stocks, they are well positioned to take the lead in creating a budget and managing investments. But the other half of the couple should be involved, providing their help and approval for financial decisions. Partners can also take turns managing the financial accounts. Both members of a couple should also attend meetings with their financial advisor.

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