Many people's finances have succumb under the pressures of economic struggle. Maintaining a household with one income is becoming less and less feasible. So when two people enter into a marriage they both need to be on the same page as to how they are going to survive during the good times and through those turbulent times.
A newly married couple should decide whether they are going to combine their assets or keep separate accounts. If both people are coming into the relationship with the love in their hearts and dreams of a long union, then they may be more apt to combine assets and build their finances together. In this instance, they need to do a little damage control from the beginning. They need to decide if one or both of them are going to take care of the finances and if there are going to be rules. Are they going to have to consult one another before they make a purchase over a certain amount? That kind of question being answered prior to combining finances will hopefully alleviate some financial disagreements. If each person is coming into the relationship established and has financial securities already invested they may be less apt to want to combine finances. In this instance, they may want to discuss possibly having one joint account for bills and necessities and separate accounts for their own personal use. They may even decide to have separate account altogether and have separate bills. They can still set guidelines as far as having to consult with one another before a large purchase is made or divulging bank statements monthly if they choose to do so. They may decide that they do not care or even want to know as long as the household is taken care of. It is at the discretion of the individuals. After a decision has been made on whether or not assets should be combined, they need to make sure they reevaluate their situation when different life events comes into play. If someone happens to lose their job or a new addition is added to the family, both people definitely need to get together and figure out what will be the best avenue for them to forgo through this season in their lives.
Combining assets can be a great thing for two people when they want to create a life together. They will both feel like they are contributing to their financial successes and their families' future. On the other hand, some may say that combining assets is not the right answer because if one person is not responsible, they may cause many financial hardships in the relationship. Having a bill and necessities account together and individual accounts may be a great thing as well. Both people are contributing to taking care of the home while also keeping a level of individuality. Each person will feel like they are still able to enjoy the fruits of their labor without having to answer to someone else. These pros are also viable in completely separate accounts. Each person would be responsible for some bills and whatever they want to do with their money after that is at their discretion. The con to both of these scenarios is that the individual accounts may increase the potential for trust issues if trust is broken because of an incident of being untruthful or unfaithful.
How ever a couple decides to conduct their finances, there always needs to be open communication and direction from the beginning and throughout the relationship. Even if one person is in charge of paying the bills, they definitely need to make sure the other person still feels like they are in charge of their hard earned money. If they are both in charge of their own finances, they still need to have a check-in so that any problems that could arise do not.