Then, make a habit of repeating this every few months.In my experience, one partner tends to take over handling the money more frequently, and the other partner can naturally be lulled into thinking “everything’s all set.” But that’s dangerous. Then, decide which accounts to keep and which to close.Although there are some nuances in the law from state to state, if you were to get divorced tomorrow, everything you own would be split 50/50.
He's a cited authority on personal finance and the unique money issues we face during our first two decades as adults. We invite readers to respond with questions or comments.Comments may be held for moderation and will be published according to our comment policy.Both partners need to communicate their concerns and insecurities about money and understand that marriage is a partnership – once you’re married, “I don’t have an income, we have an income.” It takes years to get used to that, I know.Merging accounts will very likely spark more disagreements and uncomfortable conversations about money with your partner than if you banked separately. Money Under 30 has everything you need to know about money, written by real people who've been there.Dividends from investments goes into that account, and EPS to the various brokerage accounts i have are also directed into it.
There are many arguments for keeping your financial accounts separate from your significant other, but the fact is that once you are married, all of your assets are joined in the eyes of the law.
Why did i open up the savings account in the first place? Having that separate account allowed me to transfer money from 1 bank account to the savings, so that i wouldn't touch it. So if i designate 1 account for savings/investments, it feels much more neater to me from an accounting perspective. All i actually needed was a way to keep and budget the money away, even if it's in a single bank account.
Dividends from investments goes into that account, and EPS to the various brokerage accounts i have are also directed into it. As you may know, i use YNAB, and YNAB allowed me to budget my savings/investment money (as well as other expenses categories) so i wouldn't accidentally used it.
Merging your bank accounts after marriage is a very good idea. A subject of perennial debate among our audience, I recommend couples merge bank accounts after marriage.
If desired, you can then have separate accounts and/or credit cards that you use for small discretionary purchases or gifts for your partner.
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