Love, romance and financial compatibility for couples

This month, even though Valentine's Day might make us think of love and romance, it's not a bad idea to bring up finance. Minimizing conflicts over money is a smart step to take as you begin to plan a future together, whether or not it involves wedlock.

If you're getting serious, now's the time to talk frankly about your finances. Be open about matters that might cause conflict in the future, such as significant debts from student loans or credit cards. Discuss reviewing your credit reports together to avoid unpleasant surprises, like finding out later about collections or bankruptcy.
Set short- and long-term financial goals. Figure out how much money each of you intends to spend on "fun" and how much to set aside for important goals, such as buying a home.

Thinking about opening joint accounts? Weigh the risks and responsibilities. If one co-owner of a credit card goes on a spending spree, the other person may be held responsible for the bill. Irresponsible use of a jointly owned credit card by one partner gets reported on both credit histories, and that could hurt the other person's score—and future likelihood of getting a good loan or credit card.

Getting these discussions out of the way early on might help you avoid potential pitfalls later that have derailed many promising relationships. Here's to love — and stellar credit!