If you plan to combine living spaces with your partner, talking finances first is sage advice. Even if you're already living together and have no plans to tie the knot, having the financial talk now could prevent future arguments about money. Since living together doesn't provide the same legal protections as marriage, spending time to clarify expectations early is worth the investment.

Here's why you should discuss bank accounts, splitting bills, debt repayment, property ownership, and financial goals with your partner before you marry your finances.

Combining accounts gives you equal access to funds.

Opening joint accounts can simplify household finances, or it can complicate them in ways you'd never dreamed. If both names appear on an account, your partner doesn't need your permission to withdraw funds or make purchases. This works well if you share the same financial goals and spending personalities. But it can become a problem if one of you is irresponsible with money. For example, if one of you overdraws a shared bank account, you're both responsible for the associated fees. Or, if one of you racks up credit card debt that neither of you can repay, it will negatively affect both of your credit scores.

However, even couples who are a money mismatch can manage their household finances without causing financial harm. Consider maintaining a joint account for bill payment only and keeping credit accounts separate.

Splitting bills is a matter of preference.

Whether or not you favor a joint or shared account, you'll need to determine who's responsible for specific bills. While going 50/50 on the bills sounds simple, splitting bills down the middle could cause one partner to contribute a higher percentage of their earnings toward household expenses, which could lead to ill-feelings.

The right way to split bills is the method that makes you both feel comfortable. Some couples have the higher earning partner pay 100% of the monthly rent payment while the other pays the smaller monthly bills.

The simplest way to determine responsibility for bills is to establish a budget. Get clear on your expenses before you calculate how much each partner will contribute to the household. Remember that you can also test drive your plan to split bills to see what works for your situation. It's okay to adjust your plan if it's not working for both of you.

Property ownership rights are largely dependent on who signed what.

Before you sign on the dotted line for an auto or home loan together, a few less than romantic topics must be discussed to protect both you and your partner from financial loss. Death, a breakup, or a property sale can turn your finances into a mess if you don't have a clear understanding of property ownership rights.

Don't assume you automatically have an ownership stake simply because you made payments toward the purchase of the property. Since this topic can get complicated fast, consult with an attorney who can advise you of your options based on your specific situation.

Debt repayment is linked to future financial wellness.

When you entered your relationship, one or both of you may have brought a sizable amount of debt, such as student loans or credit cards. Large debts can damage your finances and your relationship, especially if there's no clear plan to pay them off as soon as possible.

If you both entered the relationship debt-free or with only a small about of debt, you'll still want to discuss your financial philosophies. One of you might be okay with carrying a balance each month. The other might cringe at the idea of borrowing money. An open and honest conversation about debt and your financial goals can help you avoid money spats.

While money conversations can be uncomfortable regardless of your marital status, these necessary conversations can reveal whether it's a good idea to merge finances while living together. Whatever you decide, learn more about managing your finances by completing a Financial Planning Module. It could change your financial future.

Together Credit Union has your back and can help you open a joint checking account today.

Opening a joint account with Together Credit Union online is easy or you can stop inside a branch and set it up with one of our friendly team members. Book an appointment here for an in-branch visit today.