[I]f you are over the age of 40 and are back in the dating game, you probably understand the importance of financial responsibility and hopefully practice it yourself. These days, credit ratings can make or break a couple’s happily-ever-after and are especially important in the midlife dating game. But people looking for a second (or third) chance at romance need to also consider how much debt their partner carries before getting too serious.
During the second stage of your life, you are likely either well-established in a career, own a reasonably successful business, or have retirement benefits. People are living much longer these days thanks to quality medical care. If you and your date get serious, do you really want to spend your golden years worrying about someone else’s debt? In some states, you could be asked to pay a live-in partner’s debt if he dies before you do. Avoiding marriage does not necessarily let you off the hook financially; more states recognize “living together” as a form of common-law marriage or domestic partnership. Do you really want to risk losing your comfort and everything you have worked for to take care of someone’s past debts?
Money is a key reason most couples split up, especially in the more mature years of their lives. Finances are an increasing worry for people of all walks of life as the world economy has been somewhat stilted for longer than almost anyone imagined. Getting rental housing and even affordable electricity is difficult for people with high debt loads or a history of paying their bills late.
Even if you choose not to get married or live together, it is difficult to keep finances totally separate in any romantic relationship. The emotional strain of a partner’s financial woes could lead you to pay her way much more often than you really should. While love is more important than money to most people, love does not always conquer all especially when it comes to financial inequality. Usually the person with the better credit score and more money to spare has more control of the relationship, which can cause arguments on both sides. Is that the way you really want to spend the rest of your life?