Polychemy Blog

Should We Open a Joint Bank Account Together After the Wedding?

One of the most popular options newlyweds choose is to open a joint bank account together; you're already sharing everything else, so merging your finances together almost seems like a no-brainer.

"There are a few foundational elements all couples need to consider before they decide to go that route." A joint account might be right for you and your spouse-to-be if... ...you've already talked finances.

If you're considering opening an account together, strike up a conversation.

Before you open a joint bank account together, make sure you're both taking a collaborative approach to your finances as well.

It often doesn't work when newlyweds add money to their personal bank accounts first, then put the remaining cash in the joint account, Edelman says.

"It becomes too much of a turf battle about who should be contributing more." Instead, pool all of your and your soon-to-be spouse's income into the joint account first, and dole out an "Allowance" from that lump sum to spend each week.

Your joint account should be more of a communal money pot in which you both initially deposit your entire salary-then get to dividing it up for groceries, phone bills, mortgage payments and savings.

If you and your soon-to-be spouse are working toward postwedding financial goals, like a down payment on a house or retirement, opening an account together might actually help you reach them.

For starters, it's easy to keep track of how much you're saving when your money is in one centralized account.

Because you both have shared participation in the account, Edelman says, you both have equal responsibility for making it successful.

Most importantly having a joint account will make it easier for you to talk about money with your partner.

A joint bank account might not be a good idea if... ...there are major differences in the way you both think about money.

If you want to take on the challenge, get on the same page about how to handle your finances together as a couple before opening an account together, Edelman says.
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