Does One Flesh Mean One Bank Account

Show Notes

In Mark 10:7, Jesus tells us that “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? You’ll hear about that, first up, on this MoneyWise.

• The Bible doesn’t say explicitly that spouses should share one account. People didn’t have bank accounts back then. So, we have to look at the bigger picture. Jesus said in Mark 10 that marriage is about two people becoming one. Obviously, they both remain individuals, but marriage is a partnership that requires trust, openness, and communication. That’s especially true when it comes to finances. Joint checking and savings accounts promote transparency and communication between spouses. It prevents spouses from developing a “mine and yours” mentality. It also promotes trust by ensuring that neither is making hidden purchases.
• Some think that by keeping separate accounts in marriage that one spouse’s bad history won’t affect the other. They’ve heard that when two people marry, their credit histories are automatically merged into one by the credit reporting agencies, but that’s not the case.
• Each spouse’s credit history is tied only to that person’s Social Security number. If one of them applies for credit in his or her name only, only that person’s credit history is taken into account. Here’s an example. Newlyweds decide to buy a new car with a loan (usually not a good idea). Now, say one of the spouses has good credit while the other doesn’t. If they take out the loan only in the name of the spouse with the good score, only that person’s credit history comes into play.
• Many couples take a huge financial step within a few years of marriage, like buying a house. The odds are that because the payments will be so much more that they’ll have to put both names on the loan application in order to meet income qualifications. And, of course, that’s when the other spouse’s credit history will be taken into consideration. If that spouse has a bad credit history, it’ll have a negative impact on getting the mortgage approved.
• A joint account simplifies bookkeeping and the tracking of your spending. Think about it. Many couples have problems balancing a single checking account. Why double the problem with two accounts? Having separate accounts can also create a cash flow problem. Are there enough available funds in one account to meet obligations? If not, money has to be transferred from the other account. With a single checking account, you don’t have to worry about not having enough money to pay a bill or trying to track down the other checkbook.

On this program we also answer your questions:

• I’ll soon be receiving an inheritance from my deceased father’s estate. It’ll be divided between two of us. Now, I owe about $62,000 on my mortgage. I’m 59 and currently cannot work. Should I pay that off with the inheritance or should I continue to make payments so that I can deduct interest for tax purposes? Should I invest in the stock market or what I should do?
• What better places are there to invest other than CDs?

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