To combine finances or not to combine finances? It’s a question most couples consider as their relationships get more serious. The answer; however, is not so simple.
“In the not-too-distant past, couples didn’t think much about combining their finances. After marriage, they would open joint bank accounts, take out a mortgage and share all the income and expenses,” said Mike Sullivan, director of education for Take Charge America, a national nonprofit credit counseling and debt management agency. “Yet things have changed. Today, it’s more common for both partners to earn incomes and to bring debts and assets to a relationship, making the process much more complicated.”