Marriage: Together or Separate?

Even though vows now hold you together, you may still want to act separately in some areas.

Taxes
Once you're married, you will have the option of filing your annual income tax returns separately or filing them jointly with your spouse. Filing jointly simply means that you will, as a couple, add your income and deductions together.

Most couples file jointly, because it is easier to file one return rather than two, and some deductions and credits are limited if you are married and file separate returns. If your taxes are not complicated, it may be beneficial for you to figure your taxes both individually and jointly to determine which method gives you a better result. If your taxes are complicated, you might want to consider asking the advice of a tax professional.

Bank accounts
You'll have to decide how much financial autonomy you want to have. You can keep separate bank accounts and divide the bills you have to pay. That will offer each of you some spending money to use freely. Another option is to put all of your income into one account and pay all your bills from there. This option requires some skill, making sure you aren't spending too much of the family's money on yourself. A combined approach is also possible. Maintain a joint account while allocating "individual spending " money each month.

If you decide to hold any of your accounts jointly, be sure to keep track of your transactions carefully and to communicate them to your spouse. With two individuals using one account, tracking cash flow may be difficult.

Credit cards
You should each keep at least one credit card in your own name, to maintain a credit history of your own. If you divorce, or one of you dies, it will be much easier to get a mortgage, loan or credit card with some individual credit activity.