Money rows are fast route to break-up

However, with disagreements about money one of the main causes of relationship breakdown, being open about financial commitments and resisting the urge to overspend could be a far more effective route to lasting happiness.

Almost 45 per cent of people taking part in a survey for lender Ocean Finance said their main money turn-off would be discovering their partner had hidden debts or was still repaying joint borrowing with a former partner.

A further 20 per cent said being with someone who spent too much could end a romance. Others cited being mean with money, too poor to move out of the parental home or having a bad credit history as grounds for a break up.

Ian Williams, an Ocean Finance spokesman, said: “Discussing attitudes to money and big issues such as any borrowings you have can feel daunting, especially in a fairly new relationship.”

As a result, many people opt for silence. The Debt Advisory Centre says 20 per cent don’t tell their partner the full extent of their debts, potentially jeopardising their future together.

Relationship coach Sara Davison said: “Honesty is key to a long lasting and happy partnership. Money problems put a lot of stress on relationships and if the information was withheld, it can cause huge trust issues.

“Financial challenges can be overcome if dealt with properly. However, if you sweep them under the carpet, the damage to your marriage may be irreparable.

“I see many clients in my clinic who believe their problems started with disagreements over money, and the frustration and resentment built-up and spread to other areas of their relationship, driving them further and further apart.”

To ensure money issues don’t bring your relationship to a premature end, it is vital to be open about your situation and to reach agreement on how you handle your finances.

Choose a time and place where you will be relaxed and free from interruptions. But remember that talking when you are tired, hungry or have had too much to drink is more likely to lead to dissent than harmony.

Share your financial dreams and how you could make them a reality. If one of you prefers to spend spare cash, while the other is a saver, listen to each other’s point of view and work to find common ground.

Agree a realistic set of goals, including joint spending and saving priorities. These could include clearing credit card and loan debt or being mortgage-free by a certain age.

Work out a timescale and put a regular slot in your diaries to review progress, air worries, alter plans if your situation changes and celebrate successes.

If you don’t already have a monthly household budget, draw one up. Decide together how much to allocate for essentials, including debt repayment, what each person will contribute and how much you can each spend without first discussing it.

Some couples like to take equal responsibility for paying bills and dealing with day-to-day financial issues, while others find it less stressful for the person who is more comfortable around money to take this on and keep their partner informed.

The choice of whether to have joint or separate accounts is equally individual. Some couples put everything in a single pot from which all spending is taken.

Others prefer to keep their earnings separate and pay an agreed monthly amount into a shared account for bills. This might be the same figure for both or, if they earn very different amounts, it could be a percentage of what they make.

Another option is to do without a joint account altogether and each take responsibility for different financial commitments.

No matter how the cash and responsibilities are divided up, it is essential to agree a system both sides feel is fair, to share the decision making and continue to be open with each other.

Mr Williams said: “It is just as important to be honest about money as it is about attitudes to marriage and children, otherwise you risk putting the relationship under strain.”

But there could be sound financial reasons to pop the question this Valentine’s Day.

David Smith, director of financial planning for Tilney Bestinvest, said: “In reality, there may be very little difference in the day-to-day lives of married and cohabiting couples.

“But in the eyes of the state, only those who are married or in a civil partnership are viewed as one part of a whole for tax purposes, with the ability to share their allowances.”

A spouse earning below £10,600 can transfer £1,060 of their personal allowance to their other half, saving up to £212 in tax this year.

Married couples can also save by transferring assets before sale to utilise both their capital gains tax allowances.

They can avoid incurring inheritance tax when passing capital and assets to each other after death or less than seven years before, and may be able to inherit their partner’s tax-free Isa allowance.

Only married partners can be certain of retaining a share of their dead spouse’s pension benefits.

And if one half of a couple dies without a will, if they weren’t married or in a civil partnership, the survivor will have no legal claim on their estate.