A successful marriage depends on many things, but good communication is a top priority. However, one subject is often more difficult to discuss - money. And it's even more challenging when each partner views the subject from a different perspective.

"Before two individuals marry, it's very important they sit down and talk about money, especially how it was viewed by their parents when growing up," says Sandy Kerns, a vice president and private banker with Fifth Third Private Bank. "Many people unknowingly 'inherit' their attitudes about money. People are more likely to be frugal and prefer joint banking accounts if that's what they saw when growing up."

Marriage counseling - from your banker?
When two individuals come into a relationship from similar backgrounds, it's often easier for them to get on the same page financially. Challenges tend to be greater when they have different spending habits, credit scores and attitudes toward money.

Kerns believes these differences can be accommodated with effective communication. But, because money can easily become an emotional topic, it's helpful to obtain guidance from a banker or financial professional. "I wholeheartedly welcome couples to seek my advice on creating a financial plan that's agreeable to both partners; we often work this out right in my office," Kerns says.

No one-size-fits-all strategy
"Money can make or break a marriage," Kerns continues. "Our experience allows us to envision solutions that might not be apparent to the individuals involved. We can help both partners come to terms with each other's financial past and develop plans for moving forward, no matter what their situation. If children or substantial assets are involved, couples may also want to seek advice from an attorney."

What if each partner has a dramatically different credit score? "It's important that both individuals review each other's credit scores before getting married," Kerns advises. Lenders use credit scores when people apply for loans, offering those with higher credit scores more attractive interest rates than those with lower scores. Credit scores are especially important when applying for a mortgage; a high credit score may translate to a monthly mortgage payment that's several hundred dollars lower than one obtained with a low credit score, saving the couple thousands of dollars a year.

If one partner has a low credit score, couples have several options. They may postpone buying a home while they work to improve the low score. If the person with the high credit score also has a high enough salary, the couple may be able to qualify for a mortgage based on the one income. In some cases, a partner may have significant student-loan debt, but will earn a very high salary upon graduation (as is the case with physicians). People in this situation may have an option to consolidate debt with a commercial loan.

What if partners don't want to "merge" finances? "Many individuals want to maintain financial independence when married," Kerns explains. "In these situations, I recommend both partners contribute to an emergency fund as well as a fund for household expenses, such as mortgage or rent, utilities and groceries. Because partners often have different incomes, I recommend they contribute a percentage of what they earn."

Planning for the future
Kerns encourages new couples to establish a relationship with a banker, who can advise them on planning for their financial future. She encourages them to take advantage of "wealth planning," a fee-based service that can help them define their goals and devise strategies for reaching them. "They find that getting on the same page can be a very rewarding experience - both financially and emotionally," she adds.

For more information on money and marriage, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.

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