Should You Marry Bank Accounts?

June is known as the most popular month to tie the knot. And among the dozens of decisions couples make, there’s one that carries more weight than the cake flavor or type of flower. Should we marry our bank accounts?

It’s no secret money is the leading cause of arguments between spouses. So before couples walk down the aisle, it’s a good idea to sit down on the couch to talk expenses, savings and debt. And between credit cards and student loans, debt is almost always the biggie.

“When couples open a joint account, they merge their money and that means also taking shared responsibility for paying bills and debt that existed before,” says Wendy Kernan, director of branch services at Town and Country Bank. “It’s always best when both parties have a solid understanding what they’re getting into. This isn’t an area for surprises.”

For many couples, it makes sense to combine accounts. Budgeting and saving is easier when it comes from the same place. Plus if the unexpected happened, both names on the account help prevent any logistical or legal barriers. However, there are some individuals who have a harder time letting go of that personal account.

“With separate accounts each spouse maintains some individual degree of freedom over their own finances,” Kernan says. “It can also prevent money arguments on their prior debt, how they pay their bills or what they spend their money on.”

Emotional attachments can also be at play. One spouse might want to hang onto a first bank account or one that was opened with a parent. Long-term clients may also feel a sense of loyalty to their bank and not want to switch over to their spouse’s bank of choice.

For the most part, there’s no right or wrong answer on the issue. What works for one couple could be disastrous for the next. If couples talk through their situation and set priorities and expectations, it should be a smooth transition. But for the couple still on the fence, there is a compromise.

“We’ve been seeing couples open a new account together but keep their other account opened and use it as a savings and fun account,” Kernan says. “This is especially popular with the millennial generation.”

Town and Country Bank provides accounts for personal checking and personal savings. Our expert lending team can also help you take the next step with a home loan. To learn more, visit TownandCountryBank.com or call 787-3100.