how do newlywed's handle money?

Question

So I am getting married soon, and I was wondering how couples handle money.

Do they have two separate bank accounts, each with their name? or Joint accounts where each of them have access to as much money as they want?

(Both of us are going to be working full time- We will both have money)

Answer 1

I think each couple needs to come up with an arrangement that works best for them. Both my husband and I work. We have a joint savings and checking account. Neither of us has a separate single account.

Even though we pay all of our expenses jointly, we both get a specified amount of miscellaneous money each week to spend on whatever we choose without having to consult with each other. If we would to spend money on anything outside our regular bills and miscellaneous money, we discuss it together before any money is spent. This has worked great for us for the past 5 years and counting.

Answer 2

Discuss this before you are married. Usually there is one joint account prior to the wedding to pay for expenses, a place where you are socking away money for the ceremony and the apartment (living exp). Unless he travels, I see no reason for two accounts. If one of you travels, its nice to have the separate acct to keep track of business exp but also so that there are no bounced checks because of a lack of communication. Budgeting together can bring you closer together....its an important tool to establish common goals and so you both know when you need to make sacrafices, and why.....

Answer 3

One of my friends who is getting married was very surprised when the first thing her pastor asked her and her fiance during their premarital counseling was "Do you know what each other's finances are like?" The pastor then went on to explain that finances are the number one reason for divorce, and if you can agree on how to handle them before your wedding, it saves a whole lot of headaches.

My fiance and I are planning on having a joint bank account. We decided ahead of time that if we are really going to be a married couple, then our money is a collective sum, not separate.

But whatever you feel works best is what you should go with. My mom and her husband have separate accounts but they divided the bills. Like he pays the electric bill, she pays the phone bill, etc. It works well for them.

Answer 4

That is something the two of you need to discuss. My first marriage we had a joint account. He had a habit of getting money out of the ATM without telling me and so we'd end up bouncing checks...

My second marriage, we maintained separate bank/checking accounts...I won't do the joint account thing again...

Besides, if both people work then I figure the money they earn is their money...I don't mind sharing it with my partner, or paying a fair amount of the bills...but my money is my money and I'm not going to throw it into the community "pot" again, or risk my credit because my partner is less responsbile with money than I am.

Answer 5

You'll have to talk about it with your soon-to-be hubby. Bottom line, do what works for you. I'm sure you'll hear everything hear. Remember, it's all personal opinion/experience. In the end, you have to do what works for you.

My fiance and I have joint accounts. My check goes into savings and to pay the mortgage; his goes into another checking account to pay bills and our spending money. We give ourselves a budget to "play" with each week, and tell each other what we're spending. Also, we both check the accounts online. Because there is always that time when one or the other of us will forget to tell (or just forget we used) about money spent.

Answer 6

Hopefully if you are getting married, you are mature, and realize that after marriage, everything is "Ours". Best to have everything go into one joint account, and everything gets paid out of that account. In time, you learn each others spending patterns and needs, and it works really well.

Answer 7

that is entirely the choice of the couple. personally my husband and i have a joint checking account and a joint savings account.

my coworker does everything separately...all up to you

Answer 8

Joint accounts.

side note:
If you have to go about signing all these agreements and stuff to protect your money that you made yourself, the marriage won't last. Finance problems are one of the top contributors to divorce. Remember don't be greedy. Do you love your money or do you love your spouse?

Answer 9

I am getting married in Sept and it will be one year since me and my fiance have moved together. We do have a combined bank account for paying bills and I have a seperate one for my work.

What is his is now mine and visa versa. Thats what happens when you get married.

Answer 10

one joint acct and 2 individuals...you save a portion of what you want for your own needs...and she does the same..the joint acct pays the bills/mortgage etc,,,