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Finances and Marriage: The Pros and Cons of a Joint Account

When a couple marries, combining finances seems like a logical next step. However, this is not a decision that should be taken lightly. While joint accounts can create further intimacy between a couple, they can also create tension. Merrill Lynch recently conducted a study that included information on marriages and money issues. The study found that disagreement over money is a significant factor in almost one out of three divorces. It also found that 57% of married couples have arguments over money. While keeping separate accounts will not solve this problem, it could create less tension in the marriage over financial issues. There are also a variety of in between options, such as each maintaining an individual account and having a joint account for household expenses. Regardless of what you choose, it is important to think about this decision and the impact it could have on your marriage down the road. See the article below for more details on how different financial arrangements can help keep the peace in a marriage.

http://money.usnews.com/money/personal-finance/mutual-funds/articles/2013/05/07/5-ways-sharing-finances-can-be-bad-for-your-marriage

Lance Youd is a divorce attorney in Salem, Oregon.

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