![]() You've likely realized by now that there are both pros and cons to combining or keeping your finances separate. Don't use a potential divorce as the main reason for keeping accounts separate. That said, there are still many local laws that determine how household assets are split when couples split. There's no denying that things might go smoother if you keep everything separate from the start. No one thinks about divorce when they get married, but it happens. If you feel like you're always being judged, having separate accounts may actually benefit the relationship. Just because your partner is a better saver doesn't mean you should feel weird about buying three lattes in a week. You'll need to compromise a lotĬompromising in a relationship is often seen as a win, but it can also feel like a negative if you seem to be continually giving up more than what you're getting. To them, it's ludicrous that they should help pay down a debt that they didn't incur. Some people are adamant about not paying for someone else's debt. Okay, so we established that focusing on reducing debt as a couple makes sense from a financial standpoint, but not everyone feels that way. Here are some of the reasons why keeping everything separate would make sense. Why you might want to keep your finances separateĮven though combining your finances as a couple seems like the most logical thing to do, some people decide against it. It doesn't make sense for the other partner to save when you can both focus on clearing that debt. Let's say you want to buy a home in the future, but one partner has outstanding consumer debt. Having money goals is part of any relationship, and when you combine your finances, it's easier to reach them. With joint accounts, you can both see what payments are being made each month. The last thing you want is for your partner to wonder what bills need to be paid when dealing with an emergency. While this may be handy to ensure everything is paid on time, it could present a problem if health issues or death occurs. Quite often in relationships, only a single person is responsible for all the bills. Managing your money as a couple can be tricky, but doing things alone can complicate things even further. However, you might think twice before spending if you have other priorities where your money is better used. That's not to say that you should be judging every purchase that your partner makes. In that case, everyone can see what's coming in and what's coming out. Suppose both people in the relationship have their money deposited into a single account. Some couples like the idea of having a single joint account, so there's full transparency. ![]() That said, many couples do believe in having joint accounts for the following reasons: There's full transparency There's no right or wrong answer when it comes to combining finances. ![]() What you decide on is up to you, but here are some things to consider. ![]() Some people will even prefer to keep things completely separate. Quite often, couples have very different opinions about their finances, so trying to merge things can be tricky, to say the least. What date should you pick for the big day? Where should you honeymoon? And, who are you going to invite? While these are questions you want to address as soon as you can, have you thought about how, or if, you're going to combine your finances when you say I do?įiguring out how to manage your money as a couple is one of the hardest things to do. When you get engaged, there are a lot of important decisions to be made. ![]()
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