The Pros And Cons Of Combining Finances When You Get Married

If you're thinking about getting married, it is an exciting time in your life. There is so much to consider from where you'll share a home, if you'll share each other's last name, and if you'll share finances. Discussions around finances can invite difficult obstacles for couples. After all, each person coming into the relationship has a financial past. Previous debts, current loans, and future expenses all have to be considered. According to MarketWatch, while it may have been common to combine money decades ago, couples now seem to be more apt to keep things separate.


There are many benefits to keeping your finances separated, but there are just as many benefits to combining them. If you are in the market for marriage, here are some things to consider discussing with your future spouse to make sure a union of funds goes as smoothly as the actual nuptials. Navigating a relationship is challenging enough, so having your finances in order is essential to marital bliss.

The benefits of combining finances

Even though there is research out there proving that more and more millennials are keeping their finances separate when they get married, there are some major benefits to combining them. First, there is more transparency when it comes to how you're spending money if you both share an account (via Insider). In addition, when you share an account, it helps to work on your common goals as a family. If you're trying to save for something major like a house or a car, having a joint bank account will ensure you're both on the same path, says USA Today.


Combining finances is also beneficial if one of you has to take unexpected time off from work. If you're expecting a baby or you get injured and cannot work, your finances are already set together, making it simpler to cover all of the bills that you previously had but also all of the new bills that come with medical coverage (via MarketWatch). The sense of equality that comes from a shared account will give both people in the relationship the power to make financial decisions.

The downside to combining finances

If you are marrying someone who has massive debt or terrible credit, combining finances may cause unneeded stress and conflict. If your partner's credit score is very low, combining accounts can affect yours as well. In addition, if you merge finances, you could feel constrained by spending money that you don't feel is 100% yours, explains MarketWatch. Finally, what no one wants to talk about during a happy moment of marriage, is if this marriage ends, what will happen to the funds? If accounts are combined, divorce can make dividing very difficult (via Insider). If you keep your accounts separate, there is one headache you can take away from the stress of a divorce.


When it comes to marriage, the least romantic conversation to have centers around your finances, but it is a conversation you'll be glad you had. Before you trade your "I dos," consider how you'd like to organize your funds so that worries can be calmed and you are able to enjoy your special day.