• Identify Shared Expenses — Shared expenses include housing, utilities, and groceries. Coming to a mutual understanding about what costs are shared and how they are split is key.
• Consider Income Differences — If there's a significant income difference, some couples opt for dividing expenses in proportion to their incomes ensuring a balanced financial load.
• Establish Transparency — Even with separate finances, transparency is
crucial. Some have found luck in creating a single joint account for shared expenses to foster transparency and trust while keeping all other accounts separate.
Having a separate bank account in marriage can provide a sense of financial independence, self-identity and empowerment. Often when one person takes the lead in
managing finances, their partner may drift out of touch with the situation. Keeping separate accounts lets both partners stay engaged and retain the skills required to manage money.
As always we're here to help whether it's facilitating a discussion around shared accounts, maintaining financial autonomy, or any other
financial questions you (or your loved ones) may have.
