You know it's important to maintain your own credit identity when you're married, but here's what ehadams is curious about: "What happens to credit when you get married. For example, if he has bad (or no credit) and you have excellent credit, what happens?" The answer to this is less complicated than going through the process of changing your last name. Find out what it is when you .
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If you wanted to buy, say a new pair of Loubs to fulfill your everlasting desire for red-soled shoes, would you have to consult your husband. And if he wanted to go on a Best Buy binge, would he need to check in with you to negotiate a limit.
Discussing spending priorities is a must when you're pooling your money, and some couples make a rule that they cannot spend over a certain amount without first checking with each other.
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Ideally you hashed out the His and Hers money issues before you said I do, and beginning your marriage with openness about finances will set the tone for constant and comfortable communication. A good place to start is the three-bucket approach: One shared and two individual accounts helps to maintain a sense of independence while combining funds for shared expenses eases you into the idea of combining funds, though this approach isn't for everyone.
You can always rethink your married money situation later if you feel another approach better suits you, as there's not a single formula that works for all couples.
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We've shared opinions about combining money (or not) as a married couple, but how many of you have ever explored the idea of opening a joint account with your boyfriend. I can see how it could be convenient if you're living together and splitting bills, but it doesn't seem like it's a common thing to do before a couple is engaged or married. What's your take.
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Just because you've promised to be there for your guy through good times and bad, it doesn't mean that filing jointly is the best option for you. You want to pay the least amount of taxes overall, so make sure you run the numbers for filing jointly and separately before opting for one or the other. When would you consider filing separately.
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There are two questions I hear most when people find out I’m engaged: Am I going to take his last name, and how are we going to handle our finances. The second question is an important one for couples to consider when getting married, though don’t you think it’s funny that this is one of the only times other people don’t consider money talk to be taboo?
There’s no right answer in terms of whether or not a couple should combine their finances; the real answer is to do what’s right for you and your unique situation. Some people feel like there’s no need to combine any money and think it’s easier to leave things be, others struggle with letting go of the independence of controlling their individual money, and some have zero gripes about creating one big love and money pot.
