There’s a lot to think about when you marry, and the best thing is that these decisions remain in your own hands. But what happens if there are disagreements? And sometimes people find themselves getting married with more debt than they can handle. These things don’t have to happen, though! Consider these marriage-saving ideas before saying “I do”.

The “percentage of married couples with separate bank accounts” is a statistic that shows the percentage of couples who have their own bank accounts. This statistic can help you decide if it would be beneficial to get married and also if you should keep your finances separate.

When we get married, should we combine or keep our bank accounts separate?

Numerous couples struggle with this choice. Separate bank accounts are becoming popular among married people. Although the young strategy could sound enticing, keep in mind that money issues and financial misunderstandings can have a significant influence on a couple’s relationship. For instance, a recent study discovered that couples are twice as likely to divorce if they make different financial and investing choices.

We’ll let you in on a little secret before you spend hours stressing over picking the “perfect” choice: There isn’t one. The choice of whether to establish a joint or separate bank account is as individual as your marriage.

Make the best choice for your relationship by discussing the advantages and disadvantages listed below with your spouse. Who’s to say you have to be in the same account as long as everyone is on the same page?

Related: 2022 wedding average price

Image courtesy of iStock and Artem Zakharov.

A Joint Bank Account is what?


Are you prepared to plunge into financial coupledom? That may be accomplished with the use of a joint bank account, which is comparable to a conventional account but has many owners, demonstrating a high level of confidence.

You and your spouse will each have full access to the account if it is a joint one. You will each get a debit card, a checkbook, and the other standard advantages of having a checking account. A shared bank account makes a marriage more transparent, which may make some people happy and others uncomfortable. Debits (those expensive lunchtime salads? Check), deposits, and your current account balance are all visible.

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A Joint Bank Account in a Married Relationship: Pros and Cons


Now that you are aware of what a joint bank account entails, consider if it would be beneficial for your marriage. Several things will affect the choice. Are you beginning on an even financial playing field? Do you feel safe disclosing your spending patterns? Would having a joint account be helpful when making financial plans?

Convenience and a feeling of fuller coupledom are two benefits of having a joint account when you’re married. You and I are true financial partners. It might make it simpler to manage your finances and common objectives.

Your financial situation does, however, become public knowledge. Some costs that you may have avoided disclosing to your partner, such as costly personal training sessions or a surprise present for your spouse, do so now.

Photo courtesy of SoFi.


There are also Legal Consequences: If your sweetie brings significant debt to the marriage, your money is now mixed in as an asset should a collector come calling. Also (and we hate to mention the d-word), if you were to split, untangling whose money is whose may be a major endeavor.

Think about these things as well as your comfort level. A joint account could be the best option for you, depending on your personalities, comfort levels, and financial positions.

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Benefits and Drawbacks of Separate Bank Accounts in a Marriage


Your favorite pad thai restaurant and the sports team you support may be shared interests between you and your spouse. How about the way you manage your finances, though?

Perhaps you incessantly monitor your bank account balance, but your spouse is more of a “Oops, am I overdrawn?” kind. Or maybe you have a “live for today” attitude and think that money is something to be spent. You could find it advantageous to have separate bank accounts after you are married if your significant other is the kind to arrange monthly payments into savings. It may serve as an excellent mediator to prevent disputes over money.

Photo courtesy of SoFi.

Communication Is Essential


Marriage is a significant life transformation that often calls for several adjustments and, certainly, sacrifices. When you are married, having two bank accounts might help you feel independent, in charge, and private about your money. It may seem reasonable to continue your relationship the way you did because of how you met.

Keeping your finances separate might also make sense if one of you went into the marriage owing money, like child support or debt. That spouse may be the only one who must make the payment. Additionally, rather of pooling money if one person makes much more than the other, they are free to do whatever they wish with portion of it. Also important to consider is the possibility of protection provided by different accounts in the case of a divorce.

Having said that, communication will be essential if you decide to maintain your money in different bank accounts after being married. You may keep informed about how each of you is handling your spending and your progress toward your objectives by having frequent check-ins.

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Summary: Separate vs. Joint Bank Accounts


You could feel as if you’ve been thrust into adulthood at lightning speed when you get married. There are a variety of debates, factors to think about, and agreements to work out (Hello? Could it possibly be more infuriating to ask, “So when are you having a family?”?) . It’s a major choice to figure out your financial situation, but keep in mind that there is no right or wrong response. It all depends on what works best for you two when deciding whether to establish joint or separate bank accounts. Let’s review each’s salient characteristics.

Photo courtesy of SoFi.

using a hybrid strategy


You and your spouse may choose to consider a joint or separate account. Think of a hybrid strategy.

You may both maintain your own accounts while making contributions to a combined account to cover shared costs like regular payments and future financial objectives. Why not try it as a couple? Having numerous bank accounts is not unusual for a single individual.

Make sure you are clear about the account’s purpose if you decide to take this course of action. You and your spouse may need to develop a method for staying in contact and in control of your finances since you will be managing many accounts and financial priorities. Regular check-ins with reminders turned on and put to both of your calendars might be a smart strategy.

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Marriage and bank accounts: financial objectives


You and your partner certainly like daydreaming about your future together, whether it entails visiting Bali, having a large family, or creating your own company. Getting your financial habits and aspirations in line is a huge element of turning dream into reality. This will also significantly improve the quality of day-to-day existence.

You should establish financial objectives jointly whether you decide to have joint or separate bank accounts when you are married. Here are some ideas for next actions.

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1. Make a timetable.


Choose a convenient time when you can meet and discuss money. You should evaluate your spending and saving habits and set long-term objectives. This will not only improve communication, but it will also provide you the flexibility to change your plans if circumstances change, such as getting a new vehicle, having a kid, being promoted, or losing your job. Some married couples enjoy weekly conversations, while others choose to meet with an adviser once every three months. Choose what works best for your relationship as long as the date is reoccurring.

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2. Start creating goals


Every partnership is unique in its circumstances and goals. Make a strategy and air yours. Set your goals and work out how to achieve them, whether they are to pay off all of your credit card debt, save for a child’s school, or maximize your retirement resources. Find out where you may receive the advice and items you need to fulfill your goals with your married money.

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3. Create a budget.


Learn how much money you are earning, how much you are spending, and how your savings are expanding. Locate venues to store money. Think about having a certain sum sent automatically into savings each time you get a paycheck. Finding a strategy that works for the two of you to monitor expenses and alter course is essential because they do.

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The Lesson


Your funds might be combined for good reasons, or they can be kept separate for excellent ones. What’s best for you will depend on a variety of criteria, such as how much transparency you want, if one of you has more obligations or debt than the other, whether one of you enters the marriage with much more resources than the other, and more.

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This article originally appeared on and was syndicated by

SoFi Checking and Savings is offered through SoFi Bank, N.A. 2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Joint accounts can be beneficial in some cases, but they also have disadvantages. Before you decide to open a joint account with your spouse, consider the following disadvantages of such an account: a) it is difficult to change the payment method b) if one person loses their job, they will still have access to funds c) if one person gets divorced, they may not get back all of the funds that were deposited into the account. Reference: disadvantages of joint account in marriage.

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