Finances

How to Merge Your Bank Accounts After Marriage

How to Merge Your Bank Accounts After Marriage

Money can be a major stressor in marriage. One of the first money discussions you’ll have is the possibility of a joint bank account. In the eyes of the law, once you are married your assets belong to both of you. Many couples choose to join their bank accounts, with the money accessible to both. If you and your spouse decide to go this route, here is a breakdown of how to merge your bank accounts and begin the road to healthy monetary discussions.

Get a Full Financial History

Both spouses should begin their monetary journey by getting a full financial history done. This includes your annual credit reports, credit scores, debt and loan information, current expenses, and current income. Having all of this information available from the start will make decisions clearer and any discussions more focused. It will all be relevant in the next steps you’ll take to merge your bank accounts.

Talk About Money

Before you do anything, it’s important to start talking about money. It may be uncomfortable at first, but starting the talks early on can diffuse tension and trouble later. Go into the discussion without shame or judgment. It’s even a good idea to begin any discussions with prayer. Here are some topics to discuss:

  • How does your partner feel about money?
  • How does your partner feel about managing money?
  • What are some financial successes your partner has had? Mistakes or failures?
  • What financial goals have you had the past? What financial goals do you have for the future?

It’s also important to discuss your financial lifestyle. Maybe one partner loves to eat out, while the other prefers to eat it. Maybe one is more prone to impulse buys and the other likes to save up for bigger purchases. Understanding how you want to live financially is essential to being on the same page.

Go Through Your Bank Accounts

After you’ve gathered a financial history and started talking about money, you’re ready to work on merging your bank accounts. The first step is to go through what bank accounts you each have open. Determine which ones you want to keep and which ones you want to close. Go through the benefits of your bank and your accounts.

Visit Your Bank

Once you have a plan on which accounts you want to merge and which ones you want to close, visit your respective banks. They’ll walk you through the entire process and begin the merging process. Your banker may also have suggestions on new accounts that may be better designed for a joint account. Often, it is simply signing a new person onto one account and closing the other one.

 

Make sure to make a financial plan for the duration of the process! You don’t want to be left in a lurch with closed accounts or non-working cards.

If you’ve merged your bank accounts, what piece of advice would you have for newlyweds? Let us know in the comments.

 

Share on Facebook0Pin on Pinterest0share on Tumblr0Tweet about this on TwitterEmail to someone
No Comments
Previous Post
August 11, 2017
Next Post
August 11, 2017

No Comments

Leave a Reply

Instagram

  • "Love is a fragile thing, and some elements in life can try to break it. Much damage can be done if we are not in tender hands, caring hands. To give ourselves totally to another person, as we do in marriage, is the most trusting step we take in any human relationship. It is a real act of faith—faith all of us must be willing to exercise. If we do it right, we end up sharing everything—all our hopes, all our fears, all our dreams, all our weaknesses, and all our joys—with another person.” -Elder Jeffrey R. Holland + + + +
+ + + + + +

#ldswedding #yourldswedding #ldsweddings #ldsquotes #love #elderholland #ldsweddingphotographer #ldsweddingphotography #utahwedding #ldsbride #mormonbride #mormonwedding #modestweddingdress #modestweddingdresses #engagementphotos #red #ldsconf #ldsdevo #ldschurch
  • Today is the funeral of #PresMonson and we join with millions around the world celebrating the life of this wonderful prophet, leader, and family man. Here at @yourldswedding, we love love and there is no better example of loving in all its forms than President Monson. We will miss you! + + + + + + + + + + + +

#ldswedding #ldsweddings #lds #mormon #mormons #ldschurch #imamormon #sharegoodness #funeral #monson #prophet #presidentmonson #ldsbride
  • GIVEAWAY! 🎉

We want to kick off the new year right! That's why we are teaming up with our friends at @engravologist for a fun giveaway. 
Have you ever wanted a personalized horizontal bar necklace? Now is your chance! We are giving away a CUSTOM necklace. Get any message you'd like engraved.  You just have to follow these 3 simple steps to enter:

1. Follow us @yourldswedding

2. Follow our friends @engravologist

3. Comment on this post to say you entered! (Tagging a friend gets you extra points.) The winner will be chosen at random & sent a DM on Friday. Good luck!

P.S. Want to go and see what your necklace could look like? Click the link in our bio! +
+
+
+

#ldswedding #giveaway #ldsweddings #utahwedding #utahbride #ldsbride #barnecklace #necklace
  • Evergreens may not fade and diamonds may keep their shine, but President Thomas S. Monson reminds us to never forget how precious love is: • "Never let a problem to be solved become more important than a person to be loved. Friends move away, children grow up, loved ones pass on. It's so easy to take for granted, until that day when they're gone from our lives and we are left with feelings of "what if" and "if only." •

Don't have regrets. Share the love in your heart today. Read more advice on love and marriage from #PresMonson at the link in our bio. • Beautiful 📷 by @taylorbagshawphotography + + + +

#ldswedding #ldsweddings #ldsconf #lds #mormon #ldschurch #ldsquote #diamonds #utahwedding #mormonwedding #modestwedding #modestweddingdress #ldsweddingphotography #ldsweddingphotographer #ldsweddingphotograhpers #mormonbride #ldsbride
  • We've got a BRAND NEW blog post up! 10 New Year's Resolutions for Couples. Read it at the link in our bio & start the new year off right. +

Also a goal you should make? Take some photos with the talented @allisonquistphoto, who took one of our favorite holiday photos of the year with these magical lights. + + + + + +
+

#ldsweddings #ldswedding #ldsbride #mormonbride #newyear #utahweddings #utahwedding #mormonwedding #ldsweddingphotographer #ldsweddingphotographers #ldsweddingphotos #ldstemples #christmas #photo #engagementphoto #engagementphotos #lds
  • Merry Christmas! We hope everyone is experiencing the warmth of love as it comes from family, friends, and our dear Savior. + 📷 @jnoelle.design +
+
+
+
#ldswedding #ldsweddings #ldsweddingspotlight #lds #mormon #ldstemple #ldstemples #ldsweddingphotographer #ldsbride #mormonbride #utahwedding #utahbride

Follow Us!