As you begin your life together, it's critical to discuss your financial attitudes, goals and habits, while being honest about any assets or debt you bring to the relationship. It's no longer a given that joining your lives means merging all your finances, especially if this is a second marriage. You'll have to decide what's best for you as a couple.
Compare and find the best solution for your situation. | Joint Accounts | Separate Accounts | Hybrid: Joint + Separate |
---|---|---|---|
Pro's |
- Makes managing expenses easier |
- Can preserve independence |
- A joint account can provide funds for common expenses & goals |
Con's |
- Different spending habits can cause conflict |
- Can be challenging to split expenses 50/50, which may cause strain |
- Multiple accounts may be more effort to manage |