How to combine finances after marriage

Now that you’ve tied the knot, it’s time to also think about tying your finances together. Marriage often means combining not just lives, but also bank accounts, credit scores, and even your retirement savings. While money can be one of the trickiest topics for newlyweds to navigate, it’s important to start the conversation early and make financial decisions as a team. Here are some tips and strategies to make this transition go as easily as possible.

Combining bank accounts with your spouse 

Merging bank accounts is one of the easiest ways for newlyweds to begin their financial partnership. Joint bank accounts not only make it easier to manage household expenses and create a budget; they also foster transparency, accountability, and teamwork. They remind both spouses that they’re working toward shared goals and building a future together. 

How to merge bank accounts after marriage 

One of the easiest ways for couples to combine bank accounts is to open a joint account titled appropriately, such as Joint Tenants with Right of Survivorship (JTWRoS), which ensures both spouses have equal ownership, and the surviving spouse automatically retains the funds. They can then transfer money from individual accounts and use the joint account as the main hub for shared expenses. It’s also important to update direct deposits, bill payments, and beneficiaries so that all income and obligations flow smoothly through this one account.

Percentage of married couples with separate bank accounts

According to a recent Bankrate survey, only 27% of couples (includes domestic partnerships) keep completely separate accounts, while 34% keep at least one separate account.¹

Should you combine credit cards after marriage?

Since credit card usage directly affects your credit score, newlyweds may need to proceed a bit more cautiously before abandoning their individual cards. Many financial professionals recommend keeping at least one card in each spouse’s name—to preserve your individual credit histories—and opening one joint card where the majority of household purchases go. Another way to go about it is to review the terms of each existing credit card, select the one that offers the best terms (rewards, interest rate, fees, etc.), and name the other spouse as an authorized user. This approach consolidates household spending, maximizes rewards, and gives both partners access to the same account.

Pros and cons of adding a spouse as a user

Becoming an authorized user on a spouse’s credit card has many advantages; however, there are some potential drawbacks.

Pros

• Simplified finances with fewer accounts to track
• Ability to maximize rewards by pooling spending
• Opportunity for an authorized user to build or improve credit history

Cons

• Missed payments or high balances may hurt both spouses’ scores
• Closing individual cards could shorten credit history and raise utilization
• Only the primary account holder is legally liable for the debt

What happens to credit card debt when you get married?

Marriage may change how you manage finances together, but preexisting debt usually stays with the original account holder. However, once you open joint accounts or become an authorized user on your spouse’s card, you may share responsibility moving forward.

Will I become responsible for my spouse’s preexisting credit card debt?

In most cases, you are not responsible for any credit card debt incurred by your spouse prior to marriage unless you co-signed for the account or live in a community property state where certain debts are shared.²

Does getting married affect my credit score?

Marriage itself does not directly impact your credit score since your credit histories remain separate. However, your spouse’s financial habits can influence your future credit if you open joint accounts, co-sign loans, or apply for shared credit. Managing accounts together responsibly can help build strong credit for both partners, while missed payments could hurt both scores.

Combining debt when you get married

It’s almost impossible to go through life without incurring some form of debt along the way. Whether it’s a mortgage, student loan, car loan, or credit card balance, the simple fact is that most people come into a marriage with at least a little debt that will need to be addressed. So now that there are two of you, how do you go about paying off your combined debt?

Am I responsible for my spouse’s debt?

While you may not be legally responsible for any preexisting debt your spouse brings to the marriage, it’s usually in your best interest to pay it off as soon as possible. This is especially true if you plan to make joint purchases going forward (such as a home) as your spouse’s credit score could negatively affect the interest rates you receive.

How to pay off your combined debt

As a married couple, it’s important to tackle this issue together. Since it’s unlikely you’ll be able to pay off everything at once, be calculated and methodical in your approach. If you’re not sure how to get started, consider using one of these common debt reduction strategies:

1. The Avalanche Method 
The avalanche method consists of paying down multiple debts in order of interest rate (from highest to lowest), which helps you save the most money in the long run. 

2. The Snowball Method  
With the snowball method, debts are paid in order of balance size, starting with the smallest. The snowball method may be the best option if you and your spouse have had a difficult time paying down debt in the past. Seeing an immediate impact when you pay off small balances can encourage you to continue your battle against debt.

Related: How to avoid debt

Creating a joint retirement account after marriage

When you get married, it’s only natural to start thinking about retirement as a team. Unfortunately, you can’t create a joint retirement account—or combine any of your existing retirement accounts—so you may want to think about coordinating your efforts instead. Here are a few things to consider as you move forward:  

• Discuss investment styles and risk tolerance – Some people like to play it safe, while others are more willing to take chances for growth. Having this conversation early helps you avoid surprises later.  
  
  
• Update beneficiaries – List each other as primary beneficiaries on retirement accounts to ensure assets pass smoothly in case one of you passes away.
  

• Review your portfolio mix – Check for overlapping investments to make sure that you aren’t overly dependent on one asset class or sector.

• Consider consolidating old accounts – Rolling over old 401(k)s or IRAs into fewer accounts can make things easier to track and manage.

• Set shared retirement goals – Define what you both want retirement to look like and create a plan to get there.

• Schedule regular financial check-ins – Revisit accounts and strategies periodically to adapt to changes in income, family responsibilities, or market conditions.

Can we combine 401(k) accounts?

Since 401(k)s are designed for individual use, you cannot combine accounts when you get married—not even if you both work for the same employer.

Can we combine Roth IRAs?

No, Roth IRAs are also set up as individual accounts so they cannot be combined when you get married. This holds true for traditional IRAs as well.

What if I have a non-working spouse?

If you have a non-working spouse, you can set up what is known as a spousal IRA. This will allow you to make retirement contributions on behalf of your partner—as long as the amount contributed does not not exceed your taxable compensation for the year.

RELATED CONTENT

¹“Survey: 2 in 5 Americans have kept a financial secret from their partner,” Bankrate.com, January 22, 2025.

²“Can you be responsible for your spouse’s credit card debt?” Bankrate.com, May 13, 2025.

³“Do you know how much your partner is spending? More couples separate their finances,” WCPO.com, February 13, 2024.

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