Would separate accounts work for you and your spouse? This is a personal choice that all couples make when they first get married. It can be difficult to merge two different spending habits, lifestyles and money habits once you are married. It is important to realize that as you make this decision, that there are many different opinions, and ultimately the choice is up to you.
One of the pros of having separate accounts is that you retain control over your own money. Many couples who marry later in life feel more secure knowing that they have control over their own money. If you are independently wealthy you may feel this way as well. In order for this to work you would need to sit down and figure out household expenses. These would include the mortgage, utility bills, groceries, possibly health and car insurance and medical expenses. If you have children then it should include the cost of their clothing, activities and other things you will need to buy for them. Then you take the budget and figure out how much needs to be contributed. To make it entirely fair, you would then contribute the same percentage of your take home salary to cover these costs. The rest of the money would belong to you and your spouse individually.
The other option is merge your finances completely. This means that you would plan to save and budget together. You can plan for retirement together. If you basically plan everything together you will be working towards the same goals. If you were to split up then you would split your assets and debts. This way is often simpler and leads to more teamwork. Many people believe that if you are joined in marriage you should also be joined in finances. They believe that this truly joins you together. Families who choose to have one parent stay at home also follow this philosophy. It is important to include money that each spouse has to spend individually without being accountable to the other.
You should be able to decide what is right for you. You should sit down before you are married and decide what path you are going to take. It is important to take the time to readjust at least once a year to make sure that you are both happy with the way things are working out. This will lead to happier more secure marriage.
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