Watching Your Wallet: How to handle merging finances when married

FRESNO, Calif. (KFSN) — Shared budgeting, linked bank accounts and joint expenses are all topics to discuss when it comes to money and marriage.

“Having some sort of structure around these conversations with a significant other is important,” says AJ Flores, Lead Financial Advisor at Portfolio Advisors in northwest Fresno.

Flores says that advice on merging finances isn’t one size fits all, but he advises everyone to set the stage to discuss money mindsets and consider potential financial stressors.

“You could go all in on a joint bank account, or you could have separate bank accounts that you each pay into and spend independently from, or you could have some hybrid variation of those two where your joint account funds joint expenses,” he said.

Flores says plan for the unexpected.

“Whether it’s divorce or a spouse predeceasing you, it’s important that both partners be on the same page, understand what the income is and what the expenses are,” he said.

When working with clients, he asks a series of questions to gauge who understands what.

Decide on a banking strategy and set expectations for joint accounts and spending.

“Every couple is going to be different, and understanding where your values find alignment and what solution works for the two of you is going to be the best way to proceed,” Flores said.

He went on to say in addition to a joint spending account, consider a joint savings account in the event of an emergency.

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