Consolidating finances after marriage
Each person brings the totality of his or her self into this new entity; all the good and not-so-good qualities they possess are part of the deal.
Of course, the expectation of each partner is that the good will outperform the bad, and that whatever bad does exist can be met and more effectively vanquished with a united approach.
The most important thing that you can do to avoid financial fights in a marriage is to be honest about your debt situation, particularly the wedding.
Hiding debt from your future spouse is simply a very bad idea.
Both partners need to communicate their concerns and insecurities about money and understand that marriage is a partnership – once you’re married, “I don’t have an income, we have an income.” It takes years to get used to that, I know.
Merging accounts will very likely spark more disagreements and uncomfortable conversations about money with your partner than if you banked separately. Money Under 30 has everything you need to know about money, written by real people who've been there.
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About David Weliver David Weliver is the founding editor of Money Under 30.
Lots of people bristle at the idea of joining accounts, but here’s why it’s a good idea: Joint accounts or not, what’s yours is mine There are many arguments for keeping your accounts separate, but the fact is that once you are married, all of your assets are joined in the eyes of the law.In the event your spouse dies, you may not be able to access his or her individual bank accounts until the estate goes through probate, a process that may take months or maybe years.Implementing joint accounts: The financial meeting As for the logistics, I recommend newly married couples – if you haven’t done so already – sit down for a full financial review.Although another bank account adds some complexity, multiple accounts are often helpful for streamlining your finances.
Joint accounts are healthier for your relationship Keeping separate accounts only creates unnecessary layers in your finances and opens the door to miscommunication at best and financial infidelity at worst.
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