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Wedding bells and bank accounts

Wedding bells and bank accounts

Combining Finances After Marriage

To share or not to share finances

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.

Pros & Cons of Combining Finances After Marriage

Congratulations! You’ve made the big decision to get married. But deciding whether or not to unite your bank accounts is also a big decision, and sometimes it can be a difficult one. The best way to approach making this important decision is to carefully consider the pros and cons of combining accounts. Here are some ideas to consider.

The pros

You may want to combine finances if you:

  • Share a similar philosophy about spending and saving, or want to minimize financial disagreements and stress.
  • Want to simplify budgeting and managing shared costs. Otherwise, you may be constantly using peer-to-peer payment platforms to pay each other back for purchases and expenses.
  • Would like to make it easier to work together to achieve large financial goals, such as buying a new car, purchasing a house, or saving for retirement.
  • Prefer full transparency so you can have a clear picture of your overall financial health as a couple at any point in time.
  • Can eliminate paying duplicate or unnecessary fees associated with not keeping a minimum balance in your account. By combining accounts, you may be able to satisfy the requirements and avoid check fees, ATM withdrawal fees or maintenance fees, for instance.
  • Can benefit from a larger combined balance by qualifying for valuable perks, such as: preferred interest rates on savings or discounts on loans, mortgages or home equity lines of credit

Working toward shared goals and enhancing transparency and trust can strengthen a relationship, if you’re able to focus on open communication and mutual agreement.

The cons

You may choose not to combine finances if you:

  • Do not have the same views or values as your partner on how to spend and save money and want to avoid disagreements.
  • Have different long-term goals you want to save for, such as higher education or travel.
  • Prefer to maintain financial independence, with freedom and control over your own income and spending.
  • Don’t want to share each other’s assets and obligations, such as: alimony, child support, respective children’s educations, outstanding debt, student loan payments, or healthcare costs.
  • Have significantly different incomes and want to recognize the difference in contributions and avoid potential issues arising from this.

The bottom line is that how you and your spouse choose to manage your finances is a personal choice that should be based on your individual circumstances, values, and communication style. Your decision also does not need to be all or nothing. You can decide to combine some accounts for bill payment and saving for mutual goals, while maintaining some individual accounts for personal spending.

How To Combine Finances After Marriage

When you think about all the time, effort and attention to detail you spend planning your big day, doesn’t it make sense to put that same effort into your new financial future? Whatever you decide about combining or not combining your finances, set aside time to talk about your financial goals and habits with your new partner.

Review your current financial standing

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 your lists, the better.

Make a list of goals

Make a list of goals you want to accomplish together both in the near and not-so-near future. You’ll want to create a long-term financial plan for the big financial moments in life like buying a home together or retiring. But also don’t forget smaller, short-term goals like a vacation trip next summer or new patio furniture.

Set up a joint budget

Determine how you will handle bill payments, shared expenses, and discretionary spending. Then figure how much you will contribute to savings and how you will invest and use the funds.

Plan for existing debts

Have an open conversation about existing debts and develop a plan to manage them. Who is responsible for each debt, how will it be paid off, and what is the desired timeline for repayment?

Consider a prenuptial agreement

These are not just for the rich and famous. It could be a wise move for you, especially if you or your future spouse have significant assets, debts, or children from a previous relationship; if there is a significant disparity in wealth; or if you simply want to ensure there are no misunderstandings about how your finances will be handled during the marriage and in case of a divorce.

How to Combine Bank Accounts

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 put both names on that account.

When opening a new checking or savings account 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:

  • Visit your local banking center or website to access their application for a new account.
  • In person, bring one form of government issued identification including a photo ID such as driver’s license or passport.
  • Note that full contact information, such as name, address, and phone number will likely be required of all applicants.
  • Have on hand your social security number or individual taxpayer identification number.
  • If the address on the ID is not your current address, bring a utility bill with your current address information.

Frequently Asked Questions

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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.

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