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More and more married couples are keeping their finances separate today. That’s not just separate checking accounts but also savings accounts, investment portfolios, and credit cards. When I first heard of this happening with a couple I know, it sort of bumped me. But then, when I learned a bit more about their reasoning, and discovered that many of the happily married couples I know handle their money this way, I began to get on board with the idea. Merging finances, all because you’ve tied the knot, is actually a rather antiquated system. Look, naturally if my partner fell on hard times while I was thriving, I wouldn’t say, “Tough luck!” and leave him to suffer. I’d cover his living expenses until he figured things out. But beyond that, do I really need to give him access to all of my accounts? And do I need access to his? What does that have to do with our romantic bond? Here are good reasons spouses are keeping finances separate.
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Student loan debt
With student loan debt absolutely skyrocketing, many people just don’t want to link their unsuspecting partner to their Sallie Mae woes. That’s not the nicest wedding gift, right? But if they do join accounts and default on a student loan payment, it could be both individuals who get dinged.
