“I don’t know if you watch any of the American reality dating shows but one of the first questions they ask each other is their financial numbers,” observes Meath-based financial planner Kelly Anne Quinn.
It’s not something you’re likely to hear on a first date in Ireland.
Of all the taboos you could introduce over pizza and wine in a mid-range restaurant, personal debt would be right up there with discussing your ex.
But Quinn points out that so common are the high levels of student debt in the US, that dating contestants must seriously consider “by being with this person, is it going to impact my ability to get a mortgage?”
While discussions about money might be anathema to Irish people in general, and levels of debt are low here by comparison, the founder of Lifeplanning.ie believes we’re not doing ourselves any favours by putting off the conversation either.
So in this episode of Better With Money, we delve right in to the thorny issue of money in relationships; both at the beginning of a romantic partnership and on the other side in the event of a breakup.
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“The biggest asset apart from the family home is the pension… I’ve seen in the past, when it’s all worked out, the court will rule that one partner gets the house, the other partner gets the pension, and they’re both financially the same.”
But Quinn notes people often misunderstand their rights to a former partner’s pension pot.
“People think they can just take all the money out … and you have to explain to them: no you have to wait until your ex partner is eligible to receive the pension and you can’t just take your benefits in one go and there are tax implications.”
From budgeting for couples to demystifying married tax bands to explaining Pension Adjustment Orders, this episode explores the financial topics we should be raising with our significant others.
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Plus, is it fair to ask a partner to shoulder the rent if their salary exceeds yours? What constitutes a financial red flag? And how can differing attitudes to money cause tension or conflict?
You can listen on the player above or search for Better With Money wherever you get your podcasts.
Presented by Aideen Finnegan. Produced by Declan Conlon and Aideen Finnegan.
Brought to you in association with PwC Ireland.