If you’re of one flesh, why have separate bank accounts? Should husband and wife have separate checking accounts, maybe entirely separate finances? Or should all of their money be merged? You’ll hear about that, first up, on this MoneyWise Live.
In Mark 10:7, Jesus tells us “A man shall leave his father and mother and hold fast to his wife, and the two shall become one flesh." But if you’re of one flesh, why have separate bank accounts? It’s a question we get here a lot: should husband and wife have separate checking accounts? Maybe entirely separate finances? Or should all of their money be merged? Rob West discusses that first.
Sometimes older folks, maybe getting married for a second time, want to keep their accounts separate.
One spouse may enter the marriage with debt or a bad credit rating.
Credit histories are not automatically merged at marriage.
The odds are that both spouses' names will have to be on a mortgage application because the payments are so high. One spouse's bad credit would have a negative impact.
Joint checking and savings accounts promote transparency and communication between spouses, and simplify tracking cashflow and bookkeeping.
Having separate accounts can create a cashflow problem.
One argument in favor of separate accounts is if one spouse is only interested in one part of the budget (e.g. groceries), but that leaves them fairly clueless about the family finances.
In Colossians 3 we read, “Wives, submit to your husbands, as is fitting in the Lord. Husbands, love your wives, and do not be harsh with them.”
Corinthians says, “In the Lord woman is not independent of man nor man of woman.” In most cases, that would apply to their checking account, as well.
If spouses simply aren't on the same page, start by praying.
Next, Rob answers these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
When should you start investing more conservatively if you are aged 50 and have $700,000 in an aggressive allocation in your 401(k)?
What is the advantage of putting an account you inherited from your husband into a trust, versus not doing that?
Who should you talk after a recent divorce if you want to work with a Christian advisor and your former husband is still able to log into your accounts?
If you are considering retiring at age 50 and can't access your Florida retirement system account until age 59.5, what happens to the account in the interim?
Are there still good companies to get Long Term Care insurance from if you are finding many insurance companies are no longer offering it, and should you get joint insurance if you are aged 56 and your husband is 48?
How should you handle beneficiaries if you are in your 60s, recently newlywed and struggling with making your husband your primary beneficiary instead of your children?
Should you invest $10,000 in gold if you are a senior with a 401(k) and IRA, and are concerned about current economic policies
How much time do you have to reinvest the proceeds from selling one rental property into another, to avoid incurring capital gains?
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