When you’re married, should you combine your finances with your spouse? How you navigate money will either pull you together or push you apart.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about managing finances for married couples. Consider the pros and cons of couples combining (or not) their finances.
Topics Discussed:

Good and bad reasons to separate finances:


To keep some stuff private from spouse (i.e., gift giving)
To spend without scrutiny or criticism from spouse (no finger pointing)
Unequal spending habits and/or unequal income causes discomfort
Let the more responsible spouse manage all the money/finances
To hide spending that a spouse does not want the other to know about


In most cases, operate as one and pull everything together. Why?

Consult and follow advice from the Bible
Personal experience transitioning from being single to married
Clients experience better outcomes when finances combined completely
Sheds light on major problematic issues that need to be addressed


Keys to a Good Marriage:

Open communication about issues
Transparency builds and breeds trust
Accountability aspect of sharing everything in a loving way
50/50: Combining finances helps to establish equality
Compromise when operating as one with combined finances


Action Items - Before Combining Finances:

Talk through and resolve big issues
Get rid of individual accounts and combine them into one joint account
Ongoing, regular conversations about finances to be on same page
Give spouse opportunity to speak and listen to what they have to say
Compromise more often than you have in the past



Links:
Contact Finance for Physicians
Finance for Physicians

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