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10 Financial Habits Every Couple Should Share

Couples argue about money. A lot.

Seven out of 10 couples who are married or living together report fighting about finances at least once a year, according to the American Institute of Certified Public Accountants. Three out of four say financial decisions cause tension in their relationships.

I'm all for dividing and conquering chores in a relationship, but when it comes to money, everyone in the coupledom needs some baseline knowledge and participation.

For one partner to know and control everything is a solo burden — while you're still in love — and a potential risk to one of you, should you break up.

Good financial habits, including organization and transparency, are acts of love. This isn't about mistrust. It's about making sure both people understand their shared financial lives and could step in or step up if something suddenly changed because of illness, death, job loss or divorce.

As an experienced senior wealth adviser at Carnegie Private Wealth, I'm suggesting some financial habits every couple should share.

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The author of this article is a participant in Kiplinger's Adviser Intel program, a curated network of trusted financial professionals who share expert insights on wealth building and preservation. Contributors, including fiduciary financial planners, wealth managers, CEOs and attorneys, provide actionable advice about retirement planning, estate planning, tax strategies and more. Experts are invited to contribute and do not pay to be included, so you can trust their advice is honest and valuable.

No. 1: Read before you sign

Both partners should review major financial documents, including tax returns, investment and retirement account paperwork, insurance policies and estate planning documents.

Never sign something you haven't discussed and reviewed together.

No. 2: Have regular money meetings

Don't wait for a financial crisis to talk about money. Check in monthly or quarterly about cash flow, upcoming expenses, savings, investments, debt, goals and anything that's causing financial stress.

No. 3: Know where everything is — and how to access it

Both partners should know where accounts are held, how passwords are managed, where important documents are stored and how to reach the family's financial professional, accountant and attorney.

Consider creating a financial master document with account information, insurance policies, estate documents, key contacts, recurring bills and access instructions.

No. 4: Know your household numbers

Even if one person manages the day-to-day finances, both partners should have a general understanding of income, spending, housing costs, debt, emergency savings, retirement savings and net worth.

No. 5: Show up for important financial meetings

Whenever possible, both partners should participate in meetings with financial advisers, CPAs, estate attorneys and insurance professionals. That keeps one person from becoming the sole holder of important relationships and information.

No. 6: Be honest about spending and debt

Financial transparency doesn't mean asking permission every time you buy a cup of coffee or fancy pair of shoes. But hidden accounts, debt or financial problems can seriously damage a relationship.

Couples might want to agree on when a financial decision warrants a conversation — a large purchase, new credit card, loan or significant gift to a family member, for example.

No. 7: Review beneficiaries and estate plans together

Check beneficiaries, powers of attorney, healthcare directives, guardianship plans, trusts and wills regularly. Life changes, and documents and beneficiary designations need to keep up.

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No. 8: Learn together — without judgment

There should be no "you wouldn't understand" when it comes to money. One person might love investing or spreadsheets more than the other, and that's fine. Both partners still deserve knowledge, visibility and the confidence to ask questions.

No. 9: Consider a prenup — or a postnup

Prenup or postnup agreements aren't simply preparations for divorce. They force couples to talk openly about assets, debt, inheritances, business ownership and expectations. Even couples who ultimately decide against an agreement can benefit from having the conversations involved in considering one.

No. 10: Trade places occasionally

Division of labor is fine, necessary even. Total dependence isn't.

Here's one more financial habit to try: Every once in a while, trade places. If one person usually pays the bills, let the other do it. Review statements together. Make sure both of you know how to transfer money, access online banking and handle the other financial tasks that keep your household running.

Think of it like a road trip: One person might do most of the driving, but both should know how to operate the car.

You don't have to split every financial chore 50/50. You just want to know that if one of you suddenly couldn't do your usual job, the other could take the wheel.