To Separate or Not to Separate Accounts?

Kimberly Watson, Editor in Chief
August 23, 2012 /

One question that could cause discomfort for some engaged and idyllic newly weds is whether to join accounts for couples? Getting married is an occasion that in this day of economic awareness frequently creates a situation of couples having to evaluate from a different perspective, the different aspects of personal finance. For some, the mere mention to join accounts for couples is almost like pushing a panic button.

Personal finance when related to a family is significantly different from managing a business and depends on what system is best suited for your needs! The respective income aspect could be a determining factor in the decision to join accounts for couples. The perception of various couples will differ as will their personal finance management concepts.

The decision to join accounts for couples is one of the most crucial that you will be called to make. There are various considerations to take into account including the degree of trust that exists between you.  Looking beyond the romantic star filled nights and into the cauldron of human emotions regarding possessions, the action to join accounts for couples is one to be taken only in certain conditions.

The commitment to join accounts for couples does provide for easier financial management, in times of wellbeing and those that are not so good. However, the primary factor regarding this part of bonding the relationship is that there must be unequivocal trust. This could be influenced by any differences in earnings, with one spouse earning significantly more than the other. Further influences could be from individual ambitions, social demand and individual lifestyles.

There are various benefits for those who join accounts for couples such as lesser fees paid for one account instead of two. Joint payments related to a mortgage or rent and utilities are more manageable.  This system of personal financial management is particularly viable for couples who have similar ambitions and who spend money in a comparable way.

 

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