Individual or Joint Savings with My Spouse

When you take the decision of marrying, you should take in consideration several issues, and the financial part should be included. This is a big issue and whether you like it or not, it is a big part of your life.

Therefore, you should define all the important financial issues, like having an individual or joint saving account, even before you get marry. If you can’t agree on something before you get marry, you aren’t going to solve this issue after you get married. This financial issues are hard to discuss and can even put your marriage at risk. But there isn’t any necessity of that. You can both decide what kind of savings you should have as a married couple.

Joint Savings or Individual Savings?

There are many answers to this question and every single of them can be right. You should think what is the best for you. What is best for you as a couple and in one certain situation may not be the best for other couple and other type of situation.

Considering the emotional aspect…

If you are just saving money without any specific purpose you should keep separate accounts. This will keep the individuality and/or independence of each other. You don’t need to explain your spouse if you can’t put as much money in the joint savings in a particular month. This will avoid frictions in your marriage.

What to do when you are going to buy something together?

When you are planning buying something together like an apartment, a car or planning to do a more expensive trip, you should put your savings in a joint saving account. If you have different earnings, the fairest solution is each one contribute with a proportional amount of money each month. But you can come up with a different agreement.

By joining your savings, you can probably obtain interest rates more beneficial to both of you. You should analyze the savings options together and decide what it is the best for you.

Taking in consideration the legal side of the equation…

Although you may not even though of it, you need to considerer the possibility of a divorce. What it is the best option if you get divorced in the future?

The answer depends on what type of marriage you two have.

If you have a marriage with a full community property, even the assets acquired prior the wedding are of both in equal parts. If you get divorced, even if you have individual savings, those savings should be divided by both. Therefore, in this case, it would be better to have joint savings, because legally it wouldn’t make any difference, and you can have higher interest rates if you have joint savings. Marriages with community of acquisitions should also have joint savings.

For marriages with the principle of separate property during marriage, you should do individual savings. Those savings are easier to deal in case of a divorce. You don’t need to calculate what each one had contributed to individual savings.

Hope this information help you decide. Have nice savings!!!

About Justin Seidl

My name is Justin Seidl and I am one of four founders and the Chief Technology Officer of Shift. Together our goal is to make change happen and help people save for important financial goals.

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