Consolidating finances when marrying
One of the questions I get asked most often is how I handle sharing finances with my husband.It’s a really personal question, but I completely understand why it’s asked so often: It can be really hard to figure out how to share money with another person when you’ve spent most of your life managing it yourself.For example, if you have a k inheritance that is sitting in the bank, as long as you leave it there, in a separate bank account, with only your name on the account, it will remain yours.However, if you move that money into your joint account, it becomes your partner’s money, too.I’m not talking about the super important financial discussions you should have with your partner before you combine finances. I know that a common question before deciding how to merge your finances is whether money and assets are martial property once you’re married.
While I tried a number of different ways to jointly manage money, and I’ve heard from friends who have approached it differently, the truth is there is no one-size-fits-all solution.We are 100% on the same page with everything regarding our money and it’s a really important part of our marriage. I’d say this is the most important thing to get out there right away and it should definitely be discussed before you say “I Do.” This is often the toughest step to swallow at first, but is honestly KEY to having a successful, open, and honest marriage. And that includes the money that comes in and the money that goes out. The justification for some people is, “This is obviously a sticky and complicated scenario, but it does happen.You may do things differently and that’s okay, this has just worked for us, so keep that in mind. Money is one of the TOP reasons that couples get divorced these days and the earlier you get started on being fully open and fully trusted with your finances, the better off you’ll be. My suggestion would be to still open an account that you TREAT as a joint account, but is really in the name of the non-vulnerable spouse. I’ve been wanting to bring this series back for a while, but honestly, I just needed some inspiration. In my opinion ( have to come to agreement on this and get this one right before you can go any further in your marriage. When literally combining your finances, decide which bank account you want to go with. When John and I got married, he had way more invested, quite literally, in his bank. So, it was MUCH easier for me to close out my accounts and move over to his bank than it would have been for him to move to mine. Maybe the best option for you both is to BOTH close your accounts and start fresh by opening a joint bank account at a new bank.I put the question out there on Twitter and Facebook and got some GREAT questions from a lot of you! The answer to this question is really going to depend on your individual situation.
From my friends to my family, I’ve seen couples keep their finances totally separate; completely combine everything; and then some variation of combining and keeping separate.