Luckily, we were married less than a month when we sent in that last check to Nova Debt. Check with your bank to be sure that it’s not technically a joint account and that this is the best option for you both. I am not the one gifted with numbers, my husband is, so I gladly let him take care of our money management.
And yes, I say because at that time, that last little bit of debt, even though it was mine to begin with, was then ours. But, we still sit down together, every month, and we look at our budget and see what needs to be adjusted, what expenses we need to prepare for that month, etc.
With my bank I just had a checking and savings account.
We agree, together, what the rules are going to be at the beginning of the month, and then we hold each other accountable in following the rules throughout the month.
We are 100% on the same page with everything regarding our money and it’s a really important part of our marriage. I’d say this is the most important thing to get out there right away and it should definitely be discussed before you say “I Do.” This is often the toughest step to swallow at first, but is honestly KEY to having a successful, open, and honest marriage. And that includes the money that comes in and the money that goes out. The justification for some people is, “This is obviously a sticky and complicated scenario, but it does happen.
You may do things differently and that’s okay, this has just worked for us, so keep that in mind. Money is one of the TOP reasons that couples get divorced these days and the earlier you get started on being fully open and fully trusted with your finances, the better off you’ll be. My suggestion would be to still open an account that you TREAT as a joint account, but is really in the name of the non-vulnerable spouse.
Now, this is a loaded question and I could probably write an entire series just on marriage and money, but I, an expert and there are A LOT of different ways that couples combine finances after they’re married. Or maybe they didn’t even open a joint account at all, they just decided to keep their accounts separate.This just happens to be how my husband and I chose to combine OUR finances and it has worked very well for us. But let me warn you, if you decide to go this route, you’re opening yourselves up to potentially serious conflict down the road. I’ve been wanting to bring this series back for a while, but honestly, I just needed some inspiration. In my opinion ( have to come to agreement on this and get this one right before you can go any further in your marriage. When literally combining your finances, decide which bank account you want to go with. When John and I got married, he had way more invested, quite literally, in his bank. So, it was MUCH easier for me to close out my accounts and move over to his bank than it would have been for him to move to mine. Maybe the best option for you both is to BOTH close your accounts and start fresh by opening a joint bank account at a new bank.I put the question out there on Twitter and Facebook and got some GREAT questions from a lot of you! The answer to this question is really going to depend on your individual situation.Needless to say, I have a lot of material for a while. But you need to consider a few things before you make the ultimate decision: 3.
BUT, if you have a personal finance / debt / money question, please please please post it in the comments below or you can e-mail me! So, this week’s topic seemed like a very popular one as I got A LOT of questions about this one: How do you combine your finances after you get married? Don’t fall into the trap of “Well, we’ll open a joint bank account, but we’ll each keep our own separate bank accounts too on the side.” Now, this may be a hot button issue for some of you as I know a lot of couples who have gone this route.