Quiz The Couples and Money Quiz By Lisa Gerstner, Contributing Editor | Kiplinger's Personal Finance Updated February 2019 iStockphoto Money is a common cause of conflict in relationships and, sadly, the reason that many couples split up. Among divorcees, 21% say that money was the reason for the split—and the higher the respondent’s income, the more likely financial issues caused the divorce, according to a survey from personal-finance site MagnifyMoney. But money doesn’t have to wreak havoc on your love life. With the right attitude, even financially incompatible couples can live happily ever after. So whether you’re getting ready to take a trip down the aisle or have been married for years, take our quiz to learn tips about how to balance your union—and your checkbook. Start Quiz Quiz | The Couples and Money Quiz Question 1 of 10 True or False: You should share personal financial details before you’re legally married. A. True B. False Quiz | The Couples and Money Quiz Question 1 of 10 True or False: You should share personal financial details before you’re legally married. A. True Early and frequent communication with your sweetheart is critical to help avoid fights down the road, says Cathy Pareto, a financial adviser in Coral Gables, Fla. Although 88% of Americans believe that discussing finances before tying the knot is important, only 51% have a pre-marriage talk about ho... Read more ˅ Early and frequent communication with your sweetheart is critical to help avoid fights down the road, says Cathy Pareto, a financial adviser in Coral Gables, Fla. Although 88% of Americans believe that discussing finances before tying the knot is important, only 51% have a pre-marriage talk about how they’ll handle money, according to a survey from SunTrust. And respondents to a Merrill Edge survey put most major relationship milestones—including meeting the family, being intimate, traveling together and discussing politics—ahead of having conversations about money. “Often, I find that couples really don’t talk about money. In fact, it’s kind of a dirty subject,” says wealth attorney Natalie Elisha. Be sure to have regular conversations about your debts, income, credit history, investments and goals. Less ˄ B. False Next Question Quiz | The Couples and Money Quiz Question 2 of 10 True or False: You’re getting married, and both of your employers offer health insurance benefits. It’s always better to drop one plan and enroll in the other plan as a couple. A. True B. False Quiz | The Couples and Money Quiz Question 2 of 10 True or False: You’re getting married, and both of your employers offer health insurance benefits. It’s always better to drop one plan and enroll in the other plan as a couple. A. TrueB. False Do some research before you make a hasty decision. Which company offers the better plan? How much does it cost as an employee, and how much extra does it cost to cover a spouse? Depending on the plan and your employer subsidy, it may be cheaper to maintain two separate health insurance policies. You... Read more ˅ Do some research before you make a hasty decision. Which company offers the better plan? How much does it cost as an employee, and how much extra does it cost to cover a spouse? Depending on the plan and your employer subsidy, it may be cheaper to maintain two separate health insurance policies. You can revisit the issue if you decide to start a family or switch jobs. Less ˄ Next Question Quiz | The Couples and Money Quiz Question 3 of 10 He’s carrying $10,000 in credit-card bills. She pays her balance in full each month. Who is legally responsible to pay off the debt once they marry? A. Both—you're a team now B. It's his debt and his responsibility C. Whoever has the bigger income D. Neither; debts incurred before marriage disappear when you tie the knot Quiz | The Couples and Money Quiz Question 3 of 10 He’s carrying $10,000 in credit-card bills. She pays her balance in full each month. Who is legally responsible to pay off the debt once they marry? A. Both—you're a team nowB. It's his debt and his responsibility However, each couple must decide how to handle the situation in a way that works best for them. Maybe she makes more money than he does and she is willing to help him out. Or perhaps they agree that he should concentrate on paying off his debt while she focuses on saving money for their short- and l... Read more ˅ However, each couple must decide how to handle the situation in a way that works best for them. Maybe she makes more money than he does and she is willing to help him out. Or perhaps they agree that he should concentrate on paying off his debt while she focuses on saving money for their short- and long-term goals. Once they are debt-free, they can decide together how to accomplish their joint financial goals. Less ˄ C. Whoever has the bigger incomeD. Neither; debts incurred before marriage disappear when you tie the knot Next Question Quiz | The Couples and Money Quiz Question 4 of 10 True or False: The golden rule for a happy marriage is to merge all of your financial accounts from the beginning. A. True B. False Quiz | The Couples and Money Quiz Question 4 of 10 True or False: The golden rule for a happy marriage is to merge all of your financial accounts from the beginning. A. TrueB. False For some couples—especially those who have bought a house and had children—pooling most or all of your accounts makes sense. But until you’ve had plenty of honest conversations with your partner about how you’ll handle your money together, keep your accounts mostly separate. “Better to wai... Read more ˅ For some couples—especially those who have bought a house and had children—pooling most or all of your accounts makes sense. But until you’ve had plenty of honest conversations with your partner about how you’ll handle your money together, keep your accounts mostly separate. “Better to wait to commingle than to do it too soon and be unpleasantly surprised that you have an irresponsible partner,” says Pareto. Less ˄ Next Question Quiz | The Couples and Money Quiz Question 5 of 10 When there’s cash to spare, she wants to put it in a savings account. He’d rather customize his motorcycle. What’s the best way for a spender-saver match to head off a fight? A. Avoid talking about money issues B. Keep some of your money separate C. Always choose saving over spending D. None of the above Quiz | The Couples and Money Quiz Question 5 of 10 When there’s cash to spare, she wants to put it in a savings account. He’d rather customize his motorcycle. What’s the best way for a spender-saver match to head off a fight? A. Avoid talking about money issuesB. Keep some of your money separate You may be a couple, but that doesn’t mean you agree on everything. Keeping separate bank accounts for the occasional splurge can go a long way in avoiding ugly fights over money. Consider setting up a joint checking account and credit card for mutual expenses as well as maintaining separate check... Read more ˅ You may be a couple, but that doesn’t mean you agree on everything. Keeping separate bank accounts for the occasional splurge can go a long way in avoiding ugly fights over money. Consider setting up a joint checking account and credit card for mutual expenses as well as maintaining separate checking accounts and credit cards—as long as you set boundaries regarding how much each partner can spend without discussing a purchase with the other in advance. And keep your partner in the loop about any accounts you open on your own. One in five Americans with a live-in spouse or partner is hiding a bank or credit-card account from his or her significant other, according to a CreditCards.com survey. Less ˄ C. Always choose saving over spendingD. None of the above Next Question Quiz | The Couples and Money Quiz Question 6 of 10 True or False: If you and your spouse both have student loans, it’s a bad idea to merge them to streamline your debt repayment. A. True B. False Quiz | The Couples and Money Quiz Question 6 of 10 True or False: If you and your spouse both have student loans, it’s a bad idea to merge them to streamline your debt repayment. A. True Consider a worst-case scenario: If you end up separated or getting divorced, teasing out each person’s debt balance would be nearly impossible. Plus, if one spouse defaults, the other is left responsible for the loans. B. False Next Question Quiz | The Couples and Money Quiz Question 7 of 10 True or False: He buys stocks on hot tips. She keeps all of her money in low-interest savings accounts. This couple is best off keeping their investing lives separate. A. True B. False Quiz | The Couples and Money Quiz Question 7 of 10 True or False: He buys stocks on hot tips. She keeps all of her money in low-interest savings accounts. This couple is best off keeping their investing lives separate. A. TrueB. False Together, a couple with different tolerances for risk can make a good investing team because they can play to their strengths and compensate for one another’s weaknesses. Take a big-picture view of your investments, and make sure your overall asset allocation is appropriate for your age and goals.... Read more ˅ Together, a couple with different tolerances for risk can make a good investing team because they can play to their strengths and compensate for one another’s weaknesses. Take a big-picture view of your investments, and make sure your overall asset allocation is appropriate for your age and goals. Then look at your investment options. If, say, her 401(k) plan has a stable-value fund paying attractive interest rates, she can stash a portion of her retirement savings in it, while he adopts a more aggressive approach in his retirement plan to complement her conservative allocation. Less ˄ Next Question Quiz | The Couples and Money Quiz Question 8 of 10 True or False: Her credit score is a pristine 780, his is a less desirable 610, and they want to apply for a mortgage. The couple’s best bet may be to apply for the loan based solely on her income. A. True B. False Quiz | The Couples and Money Quiz Question 8 of 10 True or False: Her credit score is a pristine 780, his is a less desirable 610, and they want to apply for a mortgage. The couple’s best bet may be to apply for the loan based solely on her income. A. True If one spouse has a considerably higher score, she will snag a much lower interest rate on a loan. And as long as both of your names will be on the title, joint assets can still count, even if you apply for the loan in one person’s name. However, applying based on one income could reduce the amoun... Read more ˅ If one spouse has a considerably higher score, she will snag a much lower interest rate on a loan. And as long as both of your names will be on the title, joint assets can still count, even if you apply for the loan in one person’s name. However, applying based on one income could reduce the amount you can borrow. If you do take out a loan together, one person’s bad credit history won’t affect the other’s credit record as long as you make your payments on time. Less ˄ B. False Next Question Quiz | The Couples and Money Quiz Question 9 of 10 You want to save money both for your kids’ future college education and for your retirement. Which should be your priority? A. College B. Retirement C. Divide your long-term savings evenly between the two Quiz | The Couples and Money Quiz Question 9 of 10 You want to save money both for your kids’ future college education and for your retirement. Which should be your priority? A. CollegeB. Retirement Your kids can borrow money for college, apply for scholarships, work to earn extra cash and shop for less-expensive schools. But there are no scholarships or loans for retirement, so put your future first. Make sure you contribute at least enough money to your 401(k) plan to capture any employer mat... Read more ˅ Your kids can borrow money for college, apply for scholarships, work to earn extra cash and shop for less-expensive schools. But there are no scholarships or loans for retirement, so put your future first. Make sure you contribute at least enough money to your 401(k) plan to capture any employer match before diverting money to college savings. Or you might designate percentages of your savings to go toward each—say, 85% toward retirement and 15% toward college. Less ˄ C. Divide your long-term savings evenly between the two Next Question Quiz | The Couples and Money Quiz Question 10 of 10 Who should manage the household finances? A. The partner who is more interested in personal finance. B. The partner who has more time. C. Both members of a couple should play a role. D. It’s best to hand off these duties to a financial adviser. Quiz | The Couples and Money Quiz Question 10 of 10 Who should manage the household finances? A. The partner who is more interested in personal finance.B. The partner who has more time.C. Both members of a couple should play a role. If one partner is more inclined to crunch numbers and study stocks, she’s well suited to take the lead in creating a budget and managing investments. But the other half of the couple should be involved, offering input and approval for financial decisions. Alternatively, partners can take turns han... Read more ˅ If one partner is more inclined to crunch numbers and study stocks, she’s well suited to take the lead in creating a budget and managing investments. But the other half of the couple should be involved, offering input and approval for financial decisions. Alternatively, partners can take turns handling the financial accounts. Both members of a couple should attend meetings with their financial adviser, too. Less ˄ D. It’s best to hand off these duties to a financial adviser. See Results Quiz | The Couples and Money Quiz Results Next QuizTrue or False: Test Yourself on Social Security Basics See All Quizzes answer_num=1,2,2,2,2,1,2,1,2,3|answer_text="A. True","B. False","B. It's his debt and his responsibility","B. False","B. Keep some of your money separate","A. True","B. False","A. True","B. Retirement","C. Both members of a couple should play a role."|total_questions=10|url=/quiz/credit/T065-S001-the-couples-and-money-quiz/index.html|total_pages=22|page_id=10459|evaltext_num=0|kipad_id=FamilyFinancesQuizzes Advertisement Advertisement Sponsored Financial Content