Some couples find the whole concept of keeping finances separate in marriage as easy, especially given the fact that your financial habits and routine has rarely changed from how they were prior to marriage.
“You will still need to communicate about your money.the bills, who pays for what, how much each partner saves.but keeping things separate will give you a level of freedom that you may be used to,” says Ellis. In fact, personal freedom to spend what you want, when you want and how you want is the major reason couples keep things separate.
The biggest benefits to keeping things separate, according to Byron Ellis, certified financial planner with United Capital Financial Advisers, are really non-financial. Not sure which is best for you and your significant other? Here, we asked financial experts to share the pros and cons to keeping finances separate in marriage. “Each party has authority to deposit or withdrawal without the knowledge of the other party and all living expenses are then paid out of this joint account,” Wheeler adds. “Often when couples go this route, they divide their living expenses and decide who will pay certain bills.” Combining finances, on the other hand, translates to “yours and mine” in the same account. “When keeping finances separate in marriage, each party has their own bank account, and their spouse does not have access to it,” says Wheeler. The major decision that you should make upfront, and ideally before you say “I do,” is whether to combine your finances or keep them separate. While not the most romantic of topics, knowing how each other feels about handling finances overall will help you solve potential problems down the line, explains Suzanne Wheeler, certified financial transitionist and senior wealth advisor. It revolves around finances and how you two plan to handle them throughout your lifetime together-and whether combining your bank accounts or keeping finances separate in marriage is right for you. “As a result, couples who can focus on money problems and reduce their debt may discover that they have also solved most of their marital problems.Among the exciting conversations you and your soon-to-be spouse will have about your future marriage is one that’s a tad more sober and serious, albeit extremely important. “ can be an overwhelming source of worry and stress,” a New York Times wellness guide reads. Gathering the motivation to have that initial conversation about money can be difficult, but once you get started and have a game plan, it can be a tremendous relief. Should I pay off debt or save for retirement?.Here are a few resources that can help you answer questions like: Prioritize these goals together and arm yourselves with tools and resources that can help you take steps toward achieving each one, whether the goal is paying off student loans, buying a new car, starting a business or retiring early. Whether you’re married, living together or dating, consider writing down your short- and long-term goals and sharing them with your partner. It’s good to have a plan in any relationship where money or financial responsibility is being shared. The more closely you align early on, the fewer unwanted surprises you’re likely to encounter down the road. After all, you’re joining forces in an effort to reach your goals together. The key is honesty, even if it’s a little scary. “Structured in the right way, shared in the right way, talking about your fears, upsets and frustrations over finances can bring you closer as a couple,” personal development expert Gary John Bishop tells HuffPost.įor example, you might discuss the types of bank accounts you both have, how you prefer to budget, your comfort level with debt and your beliefs about spending and saving. Many people would rather discuss dying than finances!”īut conversations about handling finances in marriage can be a great opportunity for growth in your relationship. “Take a minute to let that information sink in. “Almost half of Americans say that the most difficult topic to discuss with others is personal finance and they would rather discuss death, politics or religion,” she writes. Author Kathleen Burns Kingsbury spells out just how much Americans hate talking about money in her 2017 book Breaking Money Silence.
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