In Love? Don't Lose Your Financial Focus and Make These Mistakes ...

If you're married, cosigning a loan isn't the end of the world, especially if you're okay paying the debt if your spouse can't. But if you're dating, cosigning can be extremely dangerous. You might be happy today, but there's no guarantee the relationship will last until the loan is paid off.

Your partner isn't perfect, so he or she might have a few flaws or skeletons in the closet. Don't ignore financial warning signs. For example, if your partner earns decent money but is always broke, or if there's several clothes in his closet with the price tags still attached, consider whether he has a spending problem. The truth will come out sooner or later, and it's better to know what you're getting into early.

If you're getting married or thinking about cohabitation, you need to ask about your partner's credit history. This person's credit score can play a role in whether you're able to buy a house, get a car, etc. Nobody is saying his credit has to be perfect, but if it's terrible, get to the root of the problem and make sure there's a plan to improve his rating.

Not only should your partner come clean about his financial skeletons, you should do the same. A relationship is built on trust. It doesn't matter if you're embarrassed or in denial, you have to come to grips with your own financial issues and share these with your partner. This way, there are no surprises and you can work as a team to improve the situation.

It's common for some married couples to have a joint bank account, but I'm often surprised by the number of dating couples who merge finances. Sure, you trust this person, but at the end of the day, you're not married. If you want to have a joint account for household expenses, go for it. But keep your personal money separate.

If your boyfriend or girlfriend comes to you with a problem and needs a lot of money, think twice before emptying your bank account. It all goes back to the fact that you're not married. Couples break up, and if the relationship ends, there's a chance you may never see a dime of this loan. Not saying you shouldn't offer financial help, just make sure it's an amount you can afford to lose.

I've known situations where one partner handles all the money in the relationship and the other's in the dark. If you were financially independent managing your money before you got into this relationship, you should continue to have a part in managing the household finances. This way, both of you remain on the same page and have a clear understanding of what's coming in and what's going out.

Love might be blind, but you don't have to lose your financial focus. What are other money tips you can offer couples in love?