Questions whether separate bank accounts should be kept by married couples. Statements from Dr. Lenora Madison Poe, a psychotherapist-author; Importance of partners communicating to each other on the issue of se...
Since 2015 I have helped over 1,000 families create a budget and some of them refused to combine finances into one account. So webuilt their budgetwith separate bank accounts. One bank account would pay for the mortgage, the other bank account would pay for groceries. She would buy gifts ...
Keeping separate accounts may be a comfortable starting point for many couples, especially if they’re used to managing their own finances. A separate accounting system can help clarify income disparities, debts, and potentialspender-versus-saverpersonality conflicts. However, separate accounts require m...
Married filing separately is the ideal tax filing status if both spouses want to keep their tax liabilities separate. But if you file separate returns, you miss out on a number of tax credits and deductions that are meant for married couples, such as the earned income tax credit and the Am...
When married couples should file separately For some couples, filing separately will lead to a lower tax bill. According toTurboTax, filing separately may make sense in the following circumstances: You or your spouse had medical bills If you racked up considerable out-of-pocketmedical expenses, fi...
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Married Couples Can Come Out Ahead with Separate Health Insurance Plans While you check the “married” box, you may want to keep your health insurance plan status as “single.” It might seem counterintuitive to do that since it’s often assumed that family health plans save money. But that...
Couples can opt to purchase a joint car insurance policy, whether they’re married or not. Usually, a joint policy is best suited for those who live together or frequently drive each other’s vehicles. However, you also have the option to have separate coverages and add a driver to your...
There are many cards available for couples who want to share a credit card account, regardless of whether they are married or not. This is a way to simplify your finances by having one account to monitor for rewards and spending. However, there could be a tradeoff with access to fewer ben...
Separate your expenses with the use of personal and joint bank accounts. Set up a financial plan early to achieve short and long-term goals like retirement, after setting aside emergency funds. Marriage is a major milestone in life. For couples who are about to get hitched or ha...