Back
Back
Download our e-Treasury Secure Browser
Download the Sterling e-Treasury Token Client
Wedding bells and bank accounts
Now that you’ve found the person you want to spend your life with, figuring out your financial future together can lay the foundation for a happy union.
Congratulations! You’ve made the big decision to get married. But deciding whether or not to unite your bank accounts? Well, that may prove to be a bit more difficult.
The best way to approach making this important decision is to consider the pros and cons of combining accounts . . . together. Here’s how.
You may want to combine finances if you:
You may choose not to combine finances if you:
The bottom line is how you and your spouse choose to manage your finances is a personal choice. Just choose wisely.
If you and your spouse already have accounts at the same bank, the process is simple.
Both parties should be present, with valid IDs, then you can close one spouse’s account completely, transfer their money to the other spouse’s account, and add their name.
When opening a new checking or savings accounts with both spouses as account holders, or if one spouse is new to the bank, there will be a few more steps. Here’s a checklist to help make the process go smoothly:
Plan for the future you envision with the one you envision it with. Consider your savings, investments, retirement goals, and life insurance strategies. A Webster Investments financial consultant can offer personalized guidance.
When you think about all the time, effort and attention to detail you spend planning the big day, doesn’t it make sense to put that same effort into your new financial future? Before you walk down the aisle, set aside time to discuss the following with your partner:
Make a comprehensive list of your assets and liabilities. Assets include personal property and savings, retirement accounts and cash-on-hand. Liabilities include monthly expenses, outstanding rolling debt (like credit cards) and one-time unique events like a honeymoon. The more detailed and honest your lists, the better.
Determine how much you will contribute to savings and what you will use the funds for. There are a number of specialized accounts you can explore like 529 plans for college savings.
Make a list of goals you want to accomplish together both in the near and not-so-near future.
Decide how you will handle bill payments, shared expenses and discretionary spending.
These are not just for the rich and famous. It could also be a wise move for you.
The opinions and views in this blog post are those of the authors and are not intended to provide specific advice or recommendations for any individual. Please consult professional advisors with regard to your individual situation.
Find a banking center or ATM
Contact us