Merging Finances After Marriage: Things to Consider

August 4, 2022

A couple that is looking to get married build a life together will often want to combine many, if not all, aspects of their lives, including their finances; however, when doing so, it is important to understand how to handle these issues.


This includes topics about what should be merged and what should be kept separate. By considering the steps to take and the assets and liabilities that will need to be accounted for, a couple can plan for the future while still ensuring that each spouse is protected if unexpected events such as divorce or death should occur.

Before going ahead with a “merger,” a couple should try to fully understand their current financial picture. It is best to sit down and make a complete accounting of the income earned by each spouse, their assets and debts, their current wants and needs, and their goals for the future.


This can provide both spouses with an better understanding of their financial position and an expectation of how they will handle things going forward. As they determine how they will merge different aspects of their finances, they may consider the following.

Credit Cards & Other Debts

If one spouse entered their marriage with significant debts, it may be a good idea to have them keep their own credit cards in their name, which will ensure that the other spouse will not be liable for these debts in the event of divorce.


However, a couple may also choose to share joint credit card accounts or other types of loans, ensuring that they will both be able to take on some of the burden of these debts.

Estate Planning Decisions

It is a good idea to plan for the unexpected, including deciding what should happen after a person dies. A couple can do so by creating wills that detail how ownership of assets will be handled after the death of a spouse, and they may also want to create trusts that will allow assets to be passed to heirs more easily.


Life insurance policies can also be an important part of the estate planning process, and different types of instruments can be used to ensure that they will be handled properly.

Financial Accounts

While many married couples have joint bank accounts, others choose to keep separate accounts. A joint checking account can be helpful, allowing spouses to deposit paychecks and pay household expenses, and a joint savings account can provide a couple with a place to pool their savings and keep an emergency fund.


However, some couples may prefer to maintain separate accounts, and in these cases, they will often agree on who will pay certain expenses or when they will transfer money to each other.

Retirement

When a person’s employer provides retirement benefits, they will usually maintain an account in their own name, such as a 401(k) or IRA. These accounts will often be kept separate, although spouses will usually want to understand the amount that they have each saved so that they can make plans for their retirement together.

Valuable Assets

When making major purchases, such as buying a new home or car, a married couple will often choose to own these assets jointly. This can ensure that if one spouse dies, the other will be able to maintain ownership of this property.


However, if either spouse owned a home or other valuable assets before getting married, they may wish to maintain sole ownership in order to protect their rights in the event of divorce.

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