“Money issues can create serious conflict in a relationship,” says Patrick Hanzel, a certified financial planner and advanced planning specialist at Policygenius. “That conflict can become compounded if one party wasn’t upfront about their financial health.”
It's truly a situation of what's mine is yours when it comes to money problems – the findings also showed that 46 per cent of respondents pool income with their partner and 30 percent treat their partner’s debt as joint debt.
"Before you get serious and before you start to share any sort of financial products make sure you have a conversation about money: who owns what, who owes what, what taxes are outstanding and what you hope to achieve with your finances," Browne says. "This means there will be fewer surprises down the track and if there are any financial skeletons you can deal with them early on."
"In my role as a money expert I meet many men and women who are struggling with an Sexually Transmitted Debt they received from a once loving partner," Browne adds. "Everything from tax debts not declared, debts they didn’t realise they were liable for when they agreed to directorships, mobile phone bills, SMSF debts, rent not paid, gambling addictions and so much more."