You're in love, probably living together, and now the dreaded question comes up. No, it's not marriage: It's the possibility of a joint bank account, versus the option of remaining financially separate.

With one in five millennial couples identify money as the biggest challenge in their relationship, according to a study by Fidelity Investments, it's hard to find common ground about long-term goals, let alone agree on whether you should open a joint bank account together.

That said, marrying your accounts can provide key budgetary and legal benefits for your finances, meaning there's no one-size-fits-all approach.

To that end, couples should take strides to educate themselves on the benefits and drawbacks of opening up a joint account together — and sooner rather than later. Check out this video to get the lowdown so you can decide whether joint or separate bank accounts are right for you and your (potentially shared) money.

Start Saving and Investing Toward Joint Goals Today