Consolidating finances when marrying

Traditionally, when a couple gets married, they merge their money along with their lives.

For example, that may mean taking shared responsibility for paying bills or developing joint savings goals.

Joint bank accounts usually provide each account holder with a debit card, a checkbook and the ability to make deposits and withdraw funds.

If your bank provides it, each of you would also have online access to account information and tools, which can simplify paying bills and other shared financial tasks.

A joint account can also be problematic if the relationship ends.

Examining the benefits and drawbacks of all the options will help lay a strong financial foundation and ensure that each spouse is on the same page.Couples can also choose to keep separate checking accounts and start a joint saving account for vacations, down payment for a home, kids’ college tuition, or retirement.As you and your spouse decide on whether to establish a joint bank account or keep separate bank accounts, you may find that it’s wise to set financial goals together in either scenario.Some legal affairs are also streamlined with joint bank accounts.In the event that one spouse passes away, the other spouse will retain access to the funds in a joint account without having to refer to a will or go through the legal system to claim the money.

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