Newlyweds: Is It Safe to Join Bank Accounts?

Kimberly Watson, Editor in Chief
April 27, 2012 /

The mention of combining bank accounts could for various newly married couples, prove to be a sensitive subject! However, various experts recommend that it is one that should be discussed even before the engagement. Understanding the financial values and perceptions of your partner, is part of knowing them as an individual and as someone with whom, you intend sharing the rest of your life.

Before a decision is made regarding, combining bank accounts, it could be of advantage to the relationship, to discuss how respective incomes would be used concerning household expenses. This may be accompanied with deciding house purchase; planning for children and the related costs, or even taking a vacation.

Although the situation is, subject to future change, agreement is needed between the couple on achievement of their mutual goals and the related expenses.  Creating a budget will help a couple be aware of the cost of their new life together, which is in many respects, an influencing word regarding a decision involving, combining bank accounts.

Reports show that although there is a trend towards separate accounts, a joint account for household expenses is preferred, particularly when both parties are following professional occupations.  One perception is that if a divorce, separate accounts make a settlement easier. However, another emotional view is that that a marriage will benefit by combining bank accounts.

Depending on the couple, having separate accounts could lead to friction related to monthly discussions involving expenses. Stress is placed on a marriage by the regular need to discuss every detail of shared financial obligations. Irrespective of combining bank accounts, a couple should determine initially, who will be responsible for managing the financial aspect of their marriage.

Combining bank accounts does encourage transparency in a marriage, but only if there is the mutual awareness and understanding of the financial activity related to it!

 

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