Dear Kim,
I’ve finally found the love of my life that I want to marry. I’m financially secure right now (thanks to the advice I’ve had from you in the past) and want to make sure I stay that way in the future. My fiancee has mentioned having joint financial accounts, but I’m not sure if that’s wise. What do you advise?
Sincerely,
Hesitant Hermione
Dear Hermione,
This is a tough question, and there isn’t a right answer for everyone. I’d want to know some more details about you and your fiancé. I would want to know if you both are on the same page when it comes to finances. If you have similar goals and spending habits, having a joint account might work for you. If you are not on the same page and one of you is more of a spender, and one is more of a saver, you first need to seriously discuss your differences. If you can’t meet in the middle, I would suggest counseling prior to getting married. Finances are one of the biggest reasons for marital discord. I know it’s easy to brush differences aside when you’re in that first blush of love, but when that wears off (and I hate to burst your bubble, but it almost always does) those differences can create conflict in your marriage. It’s better to work through it prior to marriage, if possible.
Best of luck with your future marriage and my wish for you is that your finances are blissful.
Sincerely,
Kim