(DailyChive.com) – Getting married often means combining two lives into one. It could be two homes, two kitchens, and two of everything else. Many assume that means finances, too. Keeping finances separate can have its benefits, so you may not want to rush to give up your financial independence right away.
Below are a few reasons (and benefits) to not combining finances just because you said “I do.”
A Blended Family is in the Mix
Blended families require a bit of strategic financial planning, especially when there is child support coming in or being paid out. Whether you are the custodial parent or not, there may be added expenses involved – and having separate finances can make it easier to pay for child-related expenses.
Knowing how to budget when you have a blended family can make it easier – and there are some tips to help you determine the best way to establish bank accounts. You may even want to have a separate account altogether for child support and child expenses.
One of You Have Poor Spending Habits
Even before you walk down the aisle, you may realize that one of you has poor spending (and savings) habits. This can be anything from over-drafting the account to excessive credit card debt.
When one of you has poor spending habits and the accounts are combined, it can lead to a poor spending habit for the entire household – and that can be dangerous. It can lead to bills not being paid and debt spiraling out of control.
It may be best to keep accounts separate, at least until the bad habits are overcome.
There’s the Desire for Financial Independence
If you hate the idea of talking to another person about whether you have enough money to buy Y or Z, it may be necessary to keep your accounts separate. You may feel as though you’re financially beholden to your spouse. Then again, there may be past experiences or fears standing in your way.
Either way, if the idea of giving up your personal accounts sends your heart racing, it’s best to keep the accounts separate.
An Inheritance is in Place
If you have inherited money, you may want to keep that out of the equation. This helps to protect your money in the event that there is ever a divorce down the road.
There are many community property states where assets acquired during the marriage become community property, regardless of who received the money. Even if you don’t live in such a state, if you move the money to a joint checking or savings account, it can become the property of your partner.
You Don’t Want a “Fight” About Money
One of the most common arguments among married couples is money. As such, if one (or both) of you have a habit of over-spending, it may be easier not to pool the money.
The Journal of Personality and Social Psychology recently published a study, according to Forbes, that talks about how couples pooling their money are happier and less likely to break up. However, this is particularly the case for those who are low-income.
As such, you may want to take a closer look at how both of you contribute financially and whether there is a balance or not. If you find that you fight about money often, pooling your finances will likely only add fuel to the fire.
Decide on a Strategy
Ultimately, it comes down to deciding on a financial strategy that works for the two of you. Don’t assume that because you’re combining pots and pans you also have to combine checking accounts.
You can keep your financial independence while the two of you contribute equally to the bills of your household.
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