![]() ![]() If you agree which expenses are going to come out of the joint account - costs such as your mortgage or rent payment, groceries, utilities - and then you each decide that personal expenses comes out of your personal account, there's nothing really to fight about, she says.īut the benefit of this money management system is mostly psychological, rather than legal. ![]() "If you have two working spouses, it reduces conflict," Laurie Itkin, a financial advisor and certified divorce financial analyst, tells CNBC Make It. Many financial experts will say that maintaining separate bank accounts, or having a "yours, mine and ours" system is the best way to manage your money in a marriage. No matter your state's laws, once you get married, you should never just assume that your assets will remain yours if you get a divorce. "People will think, 'Well, the house is in my name, so I get to keep it' or 'I put all of my income into my own separate bank account, so it's all mine,'" Susan Guthrie, a family law attorney and mediator, tells CNBC Make It.īut that's "100% wrong," she says. Especially if you're in the process of getting a divorce. Just because your name is on the account, or the deed to the house, doesn't mean it's yours alone. "We're both children of divorce so we're kind of leery about combining our finances," she adds.īut divorce experts say that's a common misconception. "We are separate in our finances and we're planning to keep it that way once we get married," Bracher says. Elizabeth Bracher, a 29-year-old living in Ohio, tells CNBC Make It that she plans to keep her finances separate after she marries her fiancé, Zach Sullivan, in August. It may also be because they've witnessed firsthand how difficult it can be to divide assets during divorce. ![]()
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