We Finally Combined Our Bank Accounts and Here's What It Did for Our Marriage (2024)

FAQs

Should married couples combine bank accounts? ›

Couples may also want to keep joint accounts because they ensure both spouses can access money at any time. If only one person's name is on an account and that spouse becomes injured or ill, their partner may be unable to pull out money needed for medical expenses or other bills.

39% of couples had combined all their finances, 39% kept things completely separate, and 22% did a partial combination. A final survey I can bring to your attention is conducted by creditcards.com with a sample size of 2,404 adults. In their survey, they found that 43% of couples had only joint accounts.

A joint bank account can also help couples have honest conversations about money, manage and monitor spending to avoid debt, and stay on the same page when it comes to budgeting and making financial decisions. This can help create financial harmony and avoid monetary stress for everyone involved.

Key Findings

Respondents who used only joint bank accounts were also the most likely (60.3%) to say that they were “very satisfied” with their relationships. 55% of couples who use only joint bank accounts say they never fight about money, while only 39% of partners who have personal accounts can say the same thing.

For example, they may prefer the financial independence of not having to run every purchase by their spouse, or they may be trying to shield money from one spouse's premarital debt by having it in an account under the other spouse's name.

Having a separate bank account in marriage gives you a sense of financial independence, self-identity and empowerment. You make more than your spouse. I have friends who out-earn their husbands by a considerable margin and don't like the idea of splitting the difference, no matter how educated or progressive they are.

The question of merging finances upon marriage is as old as the institution itself. Financial guru Dave Ramsey says it's a categorical "yes"—when you tie the knot, it's all about "ours" not yours or mine.

Key takeaways. Keeping separate bank accounts after marriage could help you stay engaged with your money. Paying for shared expenses could mean using bill-splitting apps and extra planning for emergencies, but it's worth it for some couples.

The All-in Model

This is perhaps the simplest form of married finances. Both partners pool all their money together in joint savings accounts and checking accounts. They also add each other to existing credit cards. This means shared savings, shared income, and shared debt.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How should finances be split in a marriage? ›

Many couples split bills 50/50, especially if they are earning similar salaries. If your incomes are significantly different, however, a more equitable solution might be to split expenses proportionally according to each partner's income.

Keep a Joint Bank Account, But Also Separate Accounts

Genkin says some couples should consider setting up a joint checking account for shared expenses such as the mortgage, groceries and utilities – and automatically transferring most of their paychecks into the joint account.

While traditionally newlywed couples have pooled their money together in joint accounts, these days more couples—especially millennials—are choosing to keep separate accounts, retaining control over their own money. Keeping financial arrangements separate seems like a good idea for many reasons.

Mine, yours, ours

Most wedded couples share at least some financial accounts – 77%, according to Bankrate. Of them, 43% combine all their accounts, keeping nothing separate. In either approach, marital experts urge couples to talk about money before approaching the altar.

A joint account might damage your credit score

Opening a joint account adds a financial link to the other person. This means companies will look at both of your credit histories as part of any credit checks. If they have a poor credit history, this might lower your chances of acceptance.

Make a list of all your combined expenses: housing, taxes, insurance, utilities. Then talk salary. If you make $60,000 and your partner makes $40,000, then you should pay 60 percent of that total toward the shared expenses and your partner 40 percent.

A court must grant you the power to withdraw money from the account if you're neither a joint owner or an account beneficiary. For example, an executor must produce proof of executor status and a certified copy of the death certificate to collect funds and place them in an estate account.

Only the account holder has the right to access their bank account. If you have a joint bank account, you both own the account and have access to the funds. But in the case of a personal bank account, your spouse has no legal right to access it.