A discussion regarding marriage and money really has two parts. The first is the financial considerations and the second is the emotional. Money unfortunately plays a large part in most couple’s struggles.
In this day and age, many women now work or have money from an outside source. Whether they came to the marriage with large assets, their own business, or other types of money situations, the relationship between couples and money has dramatically changed from 30 years ago.
With these shifts in women’s independence and a family’s reliance on two incomes, there comes a new dynamic of whose money is whose. This conflict has been known to ruin relationships – so what is the best approach?
Discovering this best approach is not a simple formula and will ultimately be determined by the discussions the couple has about money. The main component of a happy financial relationship is to keep that line of communication constant and open. Given that, I would like to offer one perspective to keep in mind.
Regarding the first consideration of financial benefits, the best choice is the easiest one. Money is complicated and can be very difficult to track. Keeping two bank accounts, investments, and budgets will only further add to the frustration. From the simplest standpoint, when a couple commits to each other the bank accounts should merge too. In addition, in most cases there are also tax benefits to becoming one as a couple and one with your money.
Does the idea of merging your hard earned money with your spouse cause you to flinch? While this is a blog about money, I won’t dive into too much on marriage problems. But, if are hesitant to trust your spouse with your money, my suggestion is the relationship has some larger issues to hash out.
Of course there are some situations that may lead to separate accounts from a logistical or emotional standpoint. The crucial point is to have the discussion with your spouse. The difficulty in keeping things separate from an emotional perspective is it often prevents money conversations with couples. In reality, there is just too much crossover in financial matters in a family. When everything is separate it can keep a couple from merging emotionally as well as developing togetherness about the future.
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*4 Tips for Overcoming Financial Stress in Marriage
*Bickering with Spouse about Money?