I’m getting married in September and my fiancé and I agree that we are going to be combining finances. We are doing the ‘What is yours is mine and mine is yours’ approach and will do all of our finances out of 1 checking account and 1 saving account.
I do have a few questions about how to make sure it’s a smooth transition.
- With us being married can we keep two separate Roth IRAs – I already have one in place but want to open hers up this fall. Is our max still $11,000 or is it reduced?
- Is it as easy as changing her bills/direct deposit to my account, moving her funds into my account, and closing her bank and making her an authorized user on my account?
- Any tips, hints, or tricks you wish you knew before combining finances with your SO that you would like to share?
- I have a solid credit score (739) and she doesn’t have one – does this matter for the future or do I need to work to build her credit?
- Besides my Roth/401 I have a Robinhood account for playing with the stock market (less than $100) do I need to add her to that?
We are both avid savers and have similar spending habits so not too worried about forming a unified budget. She doesn’t have much in terms of assets so that’s why we are going the route of just throwing what she has into my accoutns and adding her as a user.
Thanks for all the help
Submitted June 13, 2018 at 10:50AM by Urdnought https://ift.tt/2MqVBDQ
