Consolidating finances when marrying

It can also mean combining their paychecks or other recurring income, such as tax refunds and cash gifts from the wedding, into a single bank account.For many couples, a joint bank account is the ultimate symbolic gesture of their financial union.One major drawback to sharing a joint bank account is that it can cause issues in a marriage when spouses aren't communicating about their account activity.Problems may also arise when one spouse enters the marriage with student loans, credit cards, alimony, child support or other debt that must now be paid with joint funds.

Surprisingly, millennials were the least likely to be in favor of sharing bank accounts, compared to older generations.

But that doesn't mean it's a system that works for all couples.

In 2016 TD Bank Survey, 76 percent of couples said they shared at least one bank account.

Couples can also choose to keep separate checking accounts and start a joint saving account for vacations, down payment for a home, kids’ college tuition, or retirement.

As you and your spouse decide on whether to establish a joint bank account or keep separate bank accounts, you may find that it’s wise to set financial goals together in either scenario.

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