Vote for Wings Financial in Minnesota’s Best ❤️

Personal

Business

More

Join Wings

New CU Online Login

Get Our Mobile App

LIFE GUIDANCE: MARRYING YOUR FINANCES

Should you say "yes" to joint accounts?
Young couple sitting at a kitchen table looking at a laptop computer

First, discuss what's right for you.

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
- Allows both partners to monitor balances & expenses
- Fewer financial "surprises"
- Combined assets can put you in a stronger borrowing position
- Streamlines legal affairs
- Transparency can build trust

- Can preserve independence
- One partner may have significantly more assets
- Can protect one partner from another's debt
- Simplifies asset division if you separate

- A joint account can provide funds for common expenses & goals
- Individual accounts allow each partner to retain autonomy

Con's

- Different spending habits can cause conflict
- If one partner accumulates debt, creditors could pursue joint assets
- Visibility could ruin a surprise gift

- Can be challenging to split expenses 50/50, which may cause strain
- Complicates access if spouse passes or becomes incapacitated

- Multiple accounts may be more effort to manage
 

Once it's official, be sure to update:

Account Name Changes
Address Changes
Account Beneficiaries
Payroll Information
Tax Withholding
Health Insurance Options
Auto Insurance
Property Deed
Emergency Contacts

Additional Resources

Parents in backyard giving two children piggyback rides

High-Yield Savings

If you're looking to grow your savings with highly competitive rates, but want the flexibility to make withdrawals as needed, our High-Yield Savings account could be the perfect solution. You can earn higher dividends as your balance grows.

Start Saving

Young couple lifting a small couch in their newly purchased home sorrounded by moving boxes

Mortgage Loans

With a wide range of Fixed- and Adjustable-Rate Mortgages, Wings offers the options, experience and support to help you finance your home. It’s not about fitting a member into a mortgage. It’s about fitting the right mortgage to a member.

Explore Options

Older couple sitting at their kitchen counter looking at a laptop

Wings Financial Advisors

The key to your financial wellbeing is ensuring your entire picture remains in focus. Wings Financial Advisors serve members’ complete financial needs with straightforward, professional advice, through the credit union you know and trust.

Learn about WFA