Some people believe that merging money after marriage is the right thing to do. Many others stress on the importance of maintaining separate bank accounts. Read on to find out the pros and cons of merging money after marriage.
Here are some advantages of merging your finances after marriage:
Easy Money Management
Managing money becomes easy when it is all in one place. The couple can quickly get a clear idea of how much money is coming in and going out of the joint bank account every month.
Builds Trust
Willingly sharing financial details and responsibility with each other builds trust within the marriage. Merging finances shows the partner that you are committed and want to stick around for the long term.
Creates Partnership
When both partners take financial decisions together, they create a sense of real partnership within the marriage. Here couples create a common family budget, establish common financial goals and resolve to work their way out of a debt crisis together. This encourages real bonding within the marriage.
Disadvantages of Merging Money:
One Partner Gets Excluded
We do not live in an ideal world. Therefore, it is common for one partner to develop greater control over money matters over time.
Also, usually one partner is better at understanding money matters. The partner who earns more and is more money-wise can end up having the final say every time. The other spouse begins to feel left out of major financial decisions.
One Partner Develops Greater Control
The partner with aggressive personality traits might begin to exercise strict control over the family income. He/she might expect the other partner to seek approval before making even minor purchases. The other partner will find this demeaning.
Problems in Case Of Divorce
Splitting assets becomes a difficult and time consuming process should the couple ever decide to part ways.
Loss of Independence
It takes people years of hard work to become financially independent. Therefore, certain people do not want to give up this independence after walking down the aisle.
Informing the spouse about the intension to purchase a new pair of shoes, a video game, or furniture every time does not make sense to them.
Finally, whether to merge finances or not, is a personal decision. Each couple has a different relationship dynamics. What works for one marriage, will not necessarily work for another.
Therefore, each couple should make a choice that works best for their marriage. Relatives, friends and religious institutions need to refrain from interfering.
For more information and details visit: Prince kumar
More Article about relationship just click : Moneytimes
Here are some advantages of merging your finances after marriage:
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| Merge Finances after Marriage |
Managing money becomes easy when it is all in one place. The couple can quickly get a clear idea of how much money is coming in and going out of the joint bank account every month.
Builds Trust
Willingly sharing financial details and responsibility with each other builds trust within the marriage. Merging finances shows the partner that you are committed and want to stick around for the long term.
Creates Partnership
When both partners take financial decisions together, they create a sense of real partnership within the marriage. Here couples create a common family budget, establish common financial goals and resolve to work their way out of a debt crisis together. This encourages real bonding within the marriage.
Disadvantages of Merging Money:
One Partner Gets Excluded
We do not live in an ideal world. Therefore, it is common for one partner to develop greater control over money matters over time.
Also, usually one partner is better at understanding money matters. The partner who earns more and is more money-wise can end up having the final say every time. The other spouse begins to feel left out of major financial decisions.
One Partner Develops Greater Control
The partner with aggressive personality traits might begin to exercise strict control over the family income. He/she might expect the other partner to seek approval before making even minor purchases. The other partner will find this demeaning.
Problems in Case Of Divorce
Splitting assets becomes a difficult and time consuming process should the couple ever decide to part ways.
Loss of Independence
It takes people years of hard work to become financially independent. Therefore, certain people do not want to give up this independence after walking down the aisle.
Informing the spouse about the intension to purchase a new pair of shoes, a video game, or furniture every time does not make sense to them.
Finally, whether to merge finances or not, is a personal decision. Each couple has a different relationship dynamics. What works for one marriage, will not necessarily work for another.
Therefore, each couple should make a choice that works best for their marriage. Relatives, friends and religious institutions need to refrain from interfering.
For more information and details visit: Prince kumar
More Article about relationship just click : Moneytimes
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