"Keep your account to yourself"— Shark Tank star Kevin O'Leary advises couples against merging finances

Shark Tank, currently in its season 16, is a reality TV show where entrepreneurs pitch their innovative ideas to a panel of successful investors, hoping to secure funding and mentorship. In a Fox News clip posted on September 11, 2024, on his Instagram, Kevin O'Leary shared practical financial advice for couples.

O'Leary, famously known as 'Mr. Wonderful,' provides business insights and practical advice for the show's contestants. Recently, O'Leary shared financial guidance that goes beyond entrepreneurship, urging couples to maintain separate finances in relationships.

"I don't care how in love you are, you keep your account to yourself," he stated.

He explained how maintaining separate accounts safeguards financial identity and provides security in a credit-driven economy, especially if relationships end or face challenges.

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The risk of combining finances, according to Shark Tank star Kevin O'Leary

Kevin O’Leary explained that merging finances might appear practical in a relationship, but it can lead to serious problems if the partnership ends. He emphasized that "joint accounts are a knotty mess to untangle," often leaving one or both individuals in challenging financial situations.

According to Shark Tank star O’Leary, pooling resources increases risks, particularly if one partner has poor financial habits such as overspending, accumulating debt, or engaging in gambling. Such issues could impact the financial well-being of both individuals, making separation even more complicated.

O’Leary spoke about maintaining separate accounts to safeguard personal financial independence.

"You have to have your own credit track record. Don’t let emotions get in the way of that," he stated.

In the US economy, where credit scores play an important role in accessing loans and financial opportunities, maintaining an individual credit history is essential. Without separate accounts, he noted, individuals may find themselves financially weak after a breakup, having to rebuild their financial identity from scratch.

Additionally, O’Leary warned about the dangers of depending entirely on a partner’s financial stability. He stressed that unforeseen circumstances, such as financial mismanagement or disputes, could leave one partner unstable.

“After you get divorced, if you have been merged in with your significant other, you’re a nobody in our system,” he explained.

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Shark Tank star Kevin's advice on financial independence for couples

Shark Tank mentor Kevin O’Leary suggested that couples should discuss their financial situations early in a relationship to establish transparency and build a strong foundation. He recommended having this conversation by the third date.

"By the second glass of wine, you should know if your potential partner has debts, poor financial habits, or a history of bankruptcy," he stated.

In addition to open conversations, O’Leary advocated for formal financial agreements like prenups and cohabitation agreements. He explained that these tools are essential for protecting both partners in a relationship.

"I force prenups and cohabitation agreements in my family. It’s not about lack of trust; it’s about financial due diligence," O’Leary said.

He said that these measures provide clarity, reduce the risk of financial conflicts, and safeguard individual interests in case the relationship ends.

O’Leary also added that money is a constant presence in relationships, calling it a "baby" that requires ongoing care and attention.

"Before you even have your first child, you have a baby; it is called money. If your finances are sound, it smiles at you. If not, it cries," he stated.

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New episodes of Shark Tank season 16 air every Friday on ABC.