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Congratulations!
Youve planned or received the perfect proposal.
Oh, and the cake testing.
Cant forget about that.
Or pie, if youre more eccentric.
Youve got to think about the nitty-gritty of merging your lives, and that includes your finances.
Some accounts make sense to merge or open jointly.
Others should remain separate, either for legal reasons or personal financial security.
Heres what to know.
Share Accounts for Paying Bills
When you share a life, you share expenses.
After all, electricity and water usage arent calculated by individual user.
It makes sense for you to keep a joint account for your bills.
Its all about working together as one team.
One mind, one accord, one family.
This setup makes it easier to manage things and fosters unity in the relationship, he said.
Share Savings and Invest Accounts
The family that builds wealth together, stays together.
Thats why Kovar also recommends that couples combine savings and investment accounts.
I dont think separate accounts are necessary, Kovar said.
In fact, they can sometimes cause confusion, resentment, and unnecessary questions.
Keeping finances separate when it isnt necessary could even launch the door to financial infidelity.
As you prepare to tie the knot, Kovar suggests learning each others financial personalities.
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