Wednesday, August 17, 2016

Should My Husband and I Merge Our Bank Accounts?

Aug. 17, 2016

Dear Cathy:

I just got married and my husband wants to merge our bank accounts. However, he has bad credit and brought a lot of debt into the marriage so is this a good idea? Merging Bank Accounts

Dear Merging Bank Accounts:

Remember the number one reason that most couples end up divorcing and going their own way is because of finances, so it’s important to know this going into any relationship.

When many couples get married, they put all their money into joint accounts, while a small percentage keep everything separate. Married couples should try different ways of handling the money to see what works for them.

When one spouse enters the marriage with a high debt load, you need to find a way to blend your finances comfortably, without feeling like you are under pressure from your spouse.

Overtime once kids and mortgages come into play, many couples find out that merging all their finances is simply easier. But unless you’re both comfortable with the idea, there’s no need to rush things.

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