Wedding bells and bank accounts

The way you and your spouse approach your finances is a personal decision. Knowing the implications of a shared account vs. keeping separate accounts will help you weigh your options and decide what's best for you.

Pros of combining finances 

• Full transparency in spending habits and simplified finances for family planning.
• Ability to boost a partner's credit score which will be beneficial when you're ready to apply for a credit card, get an auto loan or a home loan. 
• You can work towards a shared financial goal and communicate as you work towards that goal together.

Cons of combining finances 

• Possible friction if partners do not have the same views on how to spend and save money.
• Partners may feel a loss of financial independence.
• Purchasing gifts from the same account can get tricky.

Marital bliss can be tarnished without financial foresight. Before you walk down the aisle, set aside time to discuss the following questions with your partner. 

• Financial standing. Discuss debts, financial obligations, and assets you have.
• Savings. Determine how much you will contribute to savings and what you will use the funds for. 
• Goals. Make a list of goals you want to accomplish together. Account for retirement planning. 
• Budget.  Decide how you will handle bill payments, shared expenses, and discretionary spending.
• Prenuptial agreement. Explore whether or not you will have a prenuptial agreement and what terms will be outlined.