Should you 'marry' your bank accounts when you say "I do" this wedding season?
FOX's Ashley Papa discusses that topic on this special Wedding edition of 'FOX on Love':
As many couples prepare to say "I do" and become one this wedding season, they may be a bit more hesitant to let their bank accounts do the same.
Ted Beck, president of the National Endowment for Financial Education says when it comes to finances, newlyweds are faced with the important decision to keep accounts separate, or merge them:
(Beck) "When you get married, a lot of people need to understand that you are assuming part of the financial responsibility of your partner, so if something goes wrong and somebody comes after your resources they come after both your resources."
Having one account is advantageous as beck says you reduce any fees. But many spouses are opting to keep accounts separate:
(Beck) "If you have very different financial behaviors and you can't agree on how you're going to jointly manage the account then you might want to have separate accounts."
Beck says if you can't decide which is best for your relationship, first figure out what the account will primarily be used for.
With FOX on Love, I'm Ashley Papa.
LISTEN TO THE COMPETE INTERVIEW HERE: