When Spouses Combine Finances

June 07, 2018
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After you marry, to what degree should your financial lives be shared?

Many couples who marry also wed their finances together. Whether they partly or fully merge their finances, many couples may see more advantages than disadvantages to taking this step.

Some young married couples decide to create joint accounts early. Without a joint checking or savings account, the matter of how to pay for a big purchase gets tricky. Even paying the bills can get complicated.

Still, you may want multiple checking and savings accounts between you. You might wish to retain your existing individual accounts. Just as there are times when you or your spouse need some physical space, you could also need some personal financial space.

Personal financial space should not breed secrecy, however. In the worst case scenario, individual bank, checking, or credit accounts are used to mask bad spending habits or hide large personal debts. Secrecy can lead to arguments, especially if one spouse's financial issue affects the household finances.

Do you have some goals you would like to plan for together? Do you have questions about combining aspects of your finances? Call or email me, so that I can help the two of you plan.