Cohabitation can work out really well for those couples who are serious about each other but not quite ready for marriage. It can extricate them from roommate situations while easing the financial burden of living alone. But living together can create financial issues among couples, who may be unsure whether a joint bank account is a good idea. A recent study found that couples who keep finances separate are no happier than those who pool their resources. There are pros and cons to keeping finances separate, but regardless of the decision, couples must have similar financial goals in order for things to work out. Consider some of the following financial challenges. If you've just gotten out of splitting household expenses with a roommate, then moving in with your significant other and doing the same can feel less than romantic. Writing your boyfriend a check for half the rent, for example, can seem a little strange. Not having insight into the other person's expenses can be a major disadvantage to couples who intend to marry because it's helpful to know his or her spending habits before committing to financial obligations jointly down the road, such as taking out a mortgage or saving for retirement.
If your partner has terrible credit, for example, or likes to splurge often, then those problems need to be worked out beforehand. Having expenses separated can make you less prepared for those expenses down the road. However, there are some positive aspects to having your own bank account. When you want to treat your significant other to something, it's nice not to have to answer for the expense or have him or her see it on a joint bank account. One nice thing about having separate accounts is being able to help each other out in a crisis, such as loss of a job or major medical expenses. If one partner's finances are healthy, then it could make the difference between paying off bills and filing bankruptcy. Money is the number-one thing couples fight about, so it's important to find an arrangement that is financially sound and works for both of you.