The Real Reason Why Separate Bank Accounts Might Be The Best Thing For Your Marriage

Getting married is full of decisions. If you are having a big party, you will need to choose everything from your dress or tuxedo to the color of the plates. Besides the main event, you will also need to determine whether or not you are changing your last name, jetting off on a honeymoon, or even when (or if) you both want to start a family. One of the biggest decisions you will have to make may not be as fun as choosing your cake flavor, but it is likely the most important.

Finances are a big factor of our everyday lives and while history has made us believe that joining finances is the only way to do it, per USA Today, there might be other options. Marriage has changed so much over the last 100 years — becoming more fluid, allowing couples to find more flexibility within their own relationships, and the idea of sharing money has changed. Before you tie the knot, here is why you may want to consider keeping your own bank account.

Separate bank accounts allow for more independence

Just like there are a lot of benefits to getting married, there are also a lot of benefits to couples having separate bank accounts. According to US Bank, one of the biggest positives of separate accounts is that you can protect your new spouse from any of your past mistakes. If you are coming into a marriage with debt, whether that be from student loans or credit cards, having a separate bank account can help your partner avoid getting calls from the debt collector.

But, even if you are both debt-free (good for you!), a separate bank account will help you hold onto your independence. If you are coming into a marriage with an established career, having to suddenly share everything you earn may actually cause more issues in the relationship, per U.S. News & World Report. Keeping things separate will allow each member of the relationship to maintain their own independence and lessen the "money talks" that can often cause rifts in a marriage. Plus, per US Bank, foregoing joint accounts keep both partners accountable for their money, ensuring that money management is better handled.

How to manage if you do have a joint account

While separate accounts are a great option for married couples, that doesn't mean that joint accounts are bad. In fact, joint accounts also have their own benefits. According to U.S. News & World Report, having a joint checking account allows a couple to be more financially open with each other, since each party has access to the money. This, in turn, leads to more trust within the relationship when it comes to finances and can help you plan for things like vacations or save for things like your children's college fund.

If you and your partner do like the idea of joint finances, USA Today suggests waiting a few years before merging everything. This will give each of you the opportunity to truly learn about your partner's money habits and make a sound decision about how each of you will handle your finances.

Money may not be the most romantic conversation to have in a new marriage, but it's vital that you and your spouse take the time to discuss this.