‘Shark Tank’ star Kevin O’Leary warns couples not to combine finances: ‘I don’t care how in love you are’

15 comments

1. The article:

   When two people couple up, they’re [often tempted](https://www.businessinsider.com/married-couple-combine-finances-improve-marriage-money-2024-3) to combine their finances too, as it seems simpler and signals they’re both committed.

   But if they break up, joint accounts can be a [knotty mess to untangle](https://www.businessinsider.com/personal-finance/reasons-not-combining-finances-marriage-2020-10) and might leave them high and dry in the credit-driven US economy, Kevin O’Leary says.

   “What I tell everybody to do in a relationship is have your own account, your own credit card, [never merge your finances](https://www.businessinsider.com/separate-finances-marriage-success-2024-9) together,” the “Shark Tank” star said in a Fox News clip posted to his Instagram on Wednesday.

   “After you get divorced, if you have been merged in with your significant other, you’re a nobody in our system,” O’Leary continued. “You have to have your own credit track record. Don’t let emotions get in the way of that.

   “I don’t care how in love you are; you keep your account to yourself.”

   O’Leary pointed out that financial problems are a leading cause of divorce. If two people [pool their money](https://www.businessinsider.com/personal-finance/combine-finances-marriage-couple-pros-and-cons-2020-8), and one has a spending or gambling problem, the fallout can be painful. In a worst-case scenario, one party might steal from the other.

   The O’Leary Ventures chairman, whose nickname is “Mr. Wonderful,” offered similar advice during a Fox Business interview in March.

   He said that “even if you have a long-term situation and anything would [happen to your spouse](https://www.businessinsider.com/personal-finance/banking/joint-bank-account-rules-on-death) … if you don’t have your own financial identity, you’re in the wilderness in America.

   “You must have a credit rating, and a financial identity, and an account, and your own investment accounts just for survival.”

   O’Leary added that when people tell him they’ve merged their accounts, he responds: “What are you, nuts?”

   “I forbid it in my own family,” he continued. “I force [prenups](https://www.businessinsider.com/marriage-financial-experts-prenup-agreement-money-wedding-engagement-2023-9). I force [cohabitation agreements](https://www.businessinsider.com/unmarried-couples-buying-house-lawyer-advice-split-2023-9). I want financial due diligence on significant others because I’m a realist — I deal in the real world.”

   The veteran investor recommended having a [frank discussion about personal finances](https://www.businessinsider.com/estate-planning-lawyer-on-topics-couples-should-discuss-before-kids-2022-5) as early as the third date, over the second glass of wine. Knowing if your potential life partner is in debt, or if they or anyone in their family has filed for bankruptcy, is vital information in his view.

   “Before you even have your first child, you have a baby — it’s called money,” he quipped. “It’s sitting right there at the table with you every day,” he continued, joking that it “looks up at you smiling” if your finances are sound but cries if you’re broke.

   O’Leary’s [advice](https://www.businessinsider.com/shark-tank-kevin-oleary-family-business-loans-relatives-debt-personalfinance-2024-9) feels especially pertinent at a time when many people are struggling to afford basics like food, fuel, and housing after a historic inflation spike and surge in interest rates.

   They might be looking to split their rent or car payment with a partner, but if O’Leary’s right, they should stop short of meshing their financial lives together.

2. The guy doesn’t know what real partnership is about. If he’s always looking for an easy way out of his personal relationships then how do you think he handles his business relationships?

3. Research says combining finances is better for your relationship, obviously there are exceptions.

4. What he says makes sense. I have seen too many women who get divorced later in life who really struggle from not having any credit history. It also happens when a souse dies. If all the credit history is on one spouse the other one suffers.

5. Do what makes sense to both of you. What’s important is to discuss the issue thoroughly and coming to an agreement on what you will both do.

   Combining makes more sense imo. For IRAs we both have one since a combined IRA isn’t a thing. We also both have a CC to build both our credit. Checking, savings, etc it’s all combined.

   We both are savings oriented. We ask each other about major purchases. We discuss it when we think we’re spending too much.

   It’s a partnership. Respect each other’s opinions, compromise, and make an agreement.

6. This man is a troll. Getting married means you guys have teamed up. You can still have your own credit history. My wife and I combined our finances because we are a team but we don’t neglect each others financial health. We have worked together so we both have 750+ credit scores

7. We have both, a combined account and card for joint expenses and separate finances for everything else.

8. As someone who is happily married and have been with my husband for a decade, we have separate finances out of sheer laziness and it has worked out really well for us because we have similar financial values.

   We talk about finances often & keep track of our net worth together. It has been great.

   That said, I think it should be dependent on the couple. I hate when people say you “should” about aspects in relationships because every person is different. Do what works for you & your partner.

9. Seems like a swell dude.

10. What’s important is being transparent, pedantic and contractual when it comes to big financial decisions together. Discuss the “what ifs” and put everything on paper. This relieves the relationship from many burdens. Have a joint account, but also personal accounts where you receive your salary, equities etc. When buying something big, move money to the joint account according to a mutually agreed upon ratio. If one or the other doesn’t work, but takes care of kids and household recognize that as a big responsibility equitable to work. Don’t force anyone to beg for money in a relationship. If married, have a fair prenup. When those issues are solved and agreed upon a lot of stress and pressure is relieved from the relationship leaving time and energy for love and companionship.

11. I really think this guy needs to stay in his lane. Without the trust of finances being combined, you are just roommates with benefits.

12. Wife’s income is a gift I don’t expect. My income is all I worry about and I pay everything. Wife is frugal.

13. Married for 17 years. Shared finances the whole time. People we know that have separate finances constantly have arguments about money and often have these bizarre side conversations when we’re out about venmo’ing each other for what they owe. It’s so freaking bizarre. Don’t get married if you can’t communicate openly and honestly with your partner about money/finances.

14. Purely from an individual-focused financial perspective, yeah.

    But for a true partnership and loving/building a life together it makes way more sense to fully combine included shared goals and spending habits.

15. My wife and I combine everything and we couldn’t imagine it any other way. Helps us work toward goals together.