I’m a Financial Advisor: 4 Accounts To Combine (or Not!) When You Get Married
Written by
Laura Bogart
Edited by
Kristen Mae
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Congratulations! You’ve planned — or received — the perfect proposal. You’re getting married! Now, there’s so much to do, like booking the perfect venue, finding the best clothes and hiring a photographer who will capture your love (and your best angles). Oh, and the cake testing. Can’t forget about that. Or pie, if you’re more eccentric.
However, there’s another kind of planning you’ll want to tackle before you join your lives in holy matrimony — or in front of an Elvis at a drive-in chapel — and it’s not as glamorous as finding your DJ. You’ve got to think about the nitty-gritty of merging your lives, and that includes your finances.
Some accounts make sense to merge or open jointly. Others should remain separate, either for legal reasons or personal financial security. Here’s what to know.
Share Accounts for Paying Bills
When you share a life, you share expenses. After all, electricity and water usage aren’t calculated by individual user. And it’s not like you both don’t wait for each other to stream your favorite shows (except for that one time someone cheated with the new episode of “Severance” while the other was on a work trip, but let’s not talk about that). It makes sense for you to keep a joint account for your bills.
Taylor Kovar, founder and CEO of 11 Financial, works with many couples looking to learn how to approach their finances in their new life as a legal couple. He’s generally a fan of keeping things simple and unified by combining major accounts, like checking accounts used for paying bills.
“It’s all about working together as one team. One mind, one accord, one family. This setup makes it easier to manage things and fosters unity in the relationship,” he said.
Share Savings and Invest Accounts
The family that builds wealth together, stays together. That’s why Kovar also recommends that couples combine savings and investment accounts. This not only helps you save and invest more effectively as a pair, but it’s also a powerful way to deepen your trust in each other as you work together toward your goals.
“I don’t think separate accounts are necessary,” Kovar said. “In fact, they can sometimes cause confusion, resentment, and unnecessary questions.”
Keeping finances separate when it isn’t necessary could even open the door to financial infidelity. According to Kovar, working from a shared account ensures that both partners will be more open in their communication and work from a unified front.
Keep Separate Accounts for Children From Previous Relationships
Sometimes, a partner enters a marriage with children from a previous relationship. Ideally, this is a case of “the more the merrier,” but it doesn’t mean a new spouse should immediately take on the considerable financial responsibility of supporting those children.
In those instances, Kovar suggests it may be wiser and smoother for the parent to maintain a separate account dedicated to their children’s needs.
Keep Separate Accounts if You Want To
Just as there is no one way to have a perfect marriage, there’s no one way to allocate your finances within that marriage. While Kovar generally favors a “one family” approach, he said that if one partner feels strongly about keeping their finances separate, they should.
Additionally, if one partner is working on healing their relationship with money, such as curbing overspending, maintaining separate accounts for a while can help.
“It gives both partners space to work on their financial habits without worrying about the other person’s spending,” he said.
As you prepare to tie the knot, Kovar suggests learning each other’s financial personalities. This ensures your happily ever after includes being on the same page money-wise, helping you avoid money conflicts and build a solid financial future together.
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