Washington County Weekend Post

September 17, 2021

Washington County Weekend Post e-edition

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GMTODAY.COM SUNDAY, SEPTEMBER 19, 2021 • WASHINGTON COUNTY POST • 3A Once a couple walks down the aisle and returns home from their honeymoon, vari- ous tasks must be per- formed. One of the first steps is merging and manag- ing bank accounts. A study from Kansas City University found the num- ber one cause of divorce in the United States is fighting over money and other finan- cial problems. Therefore, being on the same page con- cerning finances and main- taining financial trans- parency can help reduce the propensity to clash over cash. Merging bank accounts can be a good idea for newly- weds for various reasons. • Improved efficiency: Having one account makes it easier to track income and spending and can make keeping track of money less complicated. Also, having only one bank means cut- ting down on statements or correspondence from multi- ple institutions. • Greater communica- tion: Some people are natu- ral spenders and others savers. It's easy to gloss over financial indiscretions when there are separate accounts. A joint account makes it easy to talk about spending habits and the flow of money in and out of an account. • Creates accountabili- ty: Not being able to hide debt or large expenditures or withdrawals makes cou- ples accountable to each other. This creates trans- parency in a relationship and may help couples become closer as a result. • Good in emergencies: According to the financial resource Money Under 30, having a joint bank account can ensure that a surviving spouse has uninterrupted access to funds in the event his or her partner dies. This may not be the case with individual bank accounts until the estate goes through probate. • Combine with ease: Financial expert Dave Ram- say says it's particularly easy to merge when individ- uals already were using the same bank or credit union. Simply showing up with identification and transfer- ring the balance of one account into the other and adding a signer is all that's needed. In instances where couples use different banks, select a convenient institu- tion and open up a new account together after clos- ing the individual ones. Joint accounts are a smart choice for married couples. The benefits of joint bank accounts

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