Rachel Cruze: 3 Reasons Married Couples Should Not Have Separate Bank Accounts
Written by
Heather Altamirano
Edited by
Rebekah Evans
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It’s no secret that money is one of the leading causes of fighting and divorce, but couples who share joint accounts argue less about finances, according to Dave Ramsey.
“I’ve seen it time and again: Couples who combine accounts and work together experience fewer fights about money, achieve their goals faster and have stronger relationships,” Ramsey wrote in a Facebook post. “So take the leap — get on the same page, in the same budget, with the same accounts. Your marriage is worth it!”
While getting out of debt and achieving financial goals can be easier with a partner, that’s not the only reason to have a combined account.
“Keeping separate accounts creates financial secrets and division. When you combine your income, goals and expenses, you’re building trust, teamwork and accountability — essential for a successful marriage,” Ramsey explained.
Ramsey’s daughter Rachel Cruze agrees and also believes couples who work as a team can accomplish much more with their finances. In her own Facebook post, the finance guru detailed three reasons why married couples should not have separate bank accounts.
You’re Not Roommates
Splitting bills and divvying up who owes what is something roommates do, but according to Cruze, it’s not how married couples should approach their finances.
“Marriage is about becoming one — in every area of life, including your finances,” she wrote. “But so many couples act like roommates when it comes to money, keeping things separate and saying, “You pay your bills, I’ll pay mine.” That’s not a partnership — that’s a business transaction.”
Transparency
Having a joint account requires constant communication. Conversations about spending habits, budgeting and where your money is is vital for your finances and marriage.
“The truth is, money fights are one of the biggest causes of divorce. And separate accounts don’t solve the problem, they just hide it. Real unity in marriage means total transparency,” Cruze wrote.
She explained that this shows in having the following:
- One shared bank account
- One shared budget
- One shared financial vision
Financial Peace
Transitioning from being single to married is a process and requires trust. Putting your money together says a lot.
“When you combine your finances, you’re saying, “We’re in this together,” Cruze said. “You learn to communicate, to trust and to make decisions as a team. And that is what leads to financial peace in your marriage.”
There are plenty of reasons to share finances with a spouse, but it’s ultimately up to the couple and what works best for them. There can be some disadvantages like taking on a partner’s debt or losing total control. If you do want separate accounts, it’s important to at least know the other person’s plans for retirement and understand their finances when it comes to making big purchases like a home, according to the New York Times.
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