Entering the next stage of a relationship can be exciting but when it comes to the financial part of your life together, experts suggest having an honest talk about money before packing your bags and moving in with your partner.
A couple's financial life begins once they become common law whether they have a joint bank account or not, said Steve Bridge, an advice-only financial planner with Money Coaches Canada. The length of time it takes to reach common law status varies by province.
There's no right way to manage finances in a relationship other than maintaining open communication. But conversations about money are a progression in any relationship — while it doesn't happen on the first date, it shouldn't also wait until big decisions have been made, such as tying the knot or moving in together, said Bruce Sellery, CEO of Credit Canada.
Couples who manage their finances successfully typically have a predetermined system, said Jason Heath, an advice-only certified financial planner with Objective Financial Partners. But it can get tricky if a partner hasn't disclosed the debt early on in the relationship to find a common solution, Heath added.
"If there is secrecy — 'Why the secrecy,'" Bridge said."If you're hesitant to ask, maybe there's not 100 per cent trust or confidence or security around that other person — that's a sign of a bigger problem."
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