When my husband asked me to marry him, I didn’t hesitate before saying yes. But when he first suggested that we open a joint checking account, I froze. I was thrilled to give up my single status … but signing over my financial independence? That was a completely different proposal.
There are as many approaches to shared finances as there are individuals sharing them, so the process of deciding whether or not to open an account with your partner can be overwhelming. To help you make the right choice, I asked Dr. Terri Orbuch, Ph.D. and author of 5 Simple Steps to Take Your Marriage from Good to Great, and Stacy Johnson, author of Life of Debt 2010: A New Path to Financial Freedom, for advice. Here’s how they advise going about making the “To combine, or not to combine?” call. Keep reading »