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Keeping finances separate a growing trend among younger couples

There are many choices that come before a couple when they get married. One is whether to merge their finances together or keep parts of their finances separate.

In the past, it was relatively rare for spouses to keep separate finances. However, this has been changing. Survey results point to millennial couples being more likely to maintain separate finances than older generations.

Keeping finances separate generally involves spouses each maintaining some separate accounts rather than just joining all their accounts. It also may involve each spouse taking care of specific expenditures on their own.

Merged finances and separate finances each have possible upsides. For example, merged finances can allow for more of an “all in this together” attitude for finances while separate finances could help reduce potential battlegrounds for arguments about spending. Each of the two routes also has potential downsides.

So, when deciding whether to go with merged or separate finances, it can be important for marrying couples to carefully consider their unique circumstances and what would be the best fit for them.

Whether a couple has joint or separate finances can also have impacts on what kinds of issues might arise if they decide to get divorced. This includes property division issues. For example, when a spouse has put something that normally would be considered a separate asset for property division purposes (like an inheritance) into a joint account, this could result in the asset being commingled and thus considered marital property. What assets are considered marital property and which are not impacts what assets are subject to a division in a divorce, which can be very impactful for both spouses.

Divorce attorneys can help divorcing Georgians get a clear picture of what their unique circumstances mean for what property division issues are present in their divorce and assist them with addressing such issues in a way consistent with their interests.

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Hecht Family Law
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