Interacting binaries containing white dwarfs can lead to a variety of outcomes that range from powerful thermonuclear explosions, which are important in the chemical evolution of galaxies and as cosmological distance estimators, to strong sources of low frequency gravitational wave radiation, which makes them ideal calibrators for the gravitational low-frequency wave detector LISA mission. However, current theoretical evolution models still fail to explain the observed properties of the known populations of white dwarfs in both interacting and detached binaries. Major limitations are that the existing population models have generally been developed to explain the properties of sub-samples of these systems, occupying small volumes of the vast parameter space, and that the observed samples are severely biased. The overarching goal for the next decade is to assemble a large and homogeneous sample of white dwarf binaries that spans the entire range of evolutionary states, to obtain precise measurements of their physical properties, and to further develop the theory to satisfactorily reproduce the properties of the entire population. While ongoing and future all-sky high- and low-resolution optical spectroscopic surveys allow us to enlarge the sample of these systems, high-resolution ultraviolet spectroscopy is absolutely essential for the characterization of the white dwarfs in these binaries. The Hubble Space Telescope is currently the only facility that provides ultraviolet spectroscopy, and with its foreseeable demise, planning the next ultraviolet mission is of utmost urgency.
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