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	Life Events & Financial Decisions Major Life Events Moving in With a Partner Cash Flow Management Taxes Insurance Property Ownership Retirement Planning With Your Partner Marriage Wedding Planning Joint Goal Setting Establishing Financial Accounts Filing Income Taxes Coordinating Employee Benefit Plans Reviewing Retirement Plans Having Children Pregnancy New Parents Guide Foster and Adopted Children Disabled Children Other Financial Issues Buying a Home Saving for a Home First Home Purchase Home Repurchases Home Maintenance Divorce Dividing Assets and Debts Cash Flow Management Retirement Benefits Insurance Tax Considerations Estate Planning Remarriage Communication Is Key Money Management Children and Stepchildren Child Support Issues Ex-Spouse Issues Planning for Retirement Calculate Retirement Savings Catch-Up Strategies Create a "Retirement Paycheck" Get Your Retirement Plan Back on Track Death and Dying Planning for Death Planning for a Funeral Death of a Relative Starting Off Right All About Credit Savings Start Saving Today Tax Deferred Savings Protect Your Assets with Insurance Income Tax Planning Health and Family Support Health Insurance Health Insurance Tips Addictions and Finances Disability Insurance Aging Parents Proactive Plans Costs of Caregiving Moving in with their Children Living in an Assisted Living Facility Helping a Parent Financially Death and Dying Planning for Death Death of a Relative Planning for a Funeral Wills and Estates Importance of Estate Planning Planning for Estate Taxes Wills Gifts and Inheritances Powers of Attorney Education and Careers Jobs and Benefits Career Transitions Relocation Unemployment Managing Job Benefits Retirement Savings When Planning a Job Change pt1 Retirement Savings When Planning a Job Change pt2 College Planning Saving for College Calculate College Savings Savings Plans Financial Aid Catch-Up Strategies Military Service Active Duty Deployment Financial Planning Planning a Major Purchase Buying a Home Saving for a Home First Home Purchase Home Repurchases Home Maintenance New Car Buying Used Car Buying Car Leasing Big Ticket Items Crisis and Emergencies Theft Natural Disasters Emergency Preparedness Identity Theft Terrorism Tackling Medical Expenses

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home › Life Events & Financial Decisions › Major Life Events › Marriage › Establishing Financial Accounts

Establishing Financial Accounts with Your New Spouse

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You probably both have your own savings, checking, and credit card accounts. Decide if and how you want to merge financial accounts. Some couples prefer one joint account while others prefer two separate accounts or a combination of separate and joint accounts.
There is no one “right” way for married couples to handle their finances. Factors to consider include convenience, some personal “spending money” for each spouse, and the minimum balances required by financial institutions to avoid fees.
Decide how to divide household expenses. If the incomes of two working spouses are fairly equal, bills might be split 50/50. If there is a substantial difference in earnings, bills can be prorated. For example, the spouse that earns 70 percent of household income can pay 70 percent of the expenses. If you're not sure how much your monthly expenses are, check out the worksheet Tracking Your Expenses.
Review each other’s credit reports prior to marriage. If a spouse-to-be has a poor credit history, don’t apply for a joint loan (such as a mortgage) or credit cards. Keep your credit histories separate until negative information drops off the credit report with the poor record, usually in seven years (10 years for bankruptcy).
If you add your name to a spouse’s credit accounts or co-sign a loan, you become legally responsible. Similarly, if financial accounts are merged, the assets of the spouse with the good credit history can be seized by creditors.
Older couples with substantial assets or children from a previous marriage may want to consider a prenuptial agreement to make decisions in advance about financial matters in the event of death or divorce.


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Life Events & Financial Decisions

Financial Tip

Establishing Financial Accounts with Your New Spouse

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