In Mark 10:7, Jesus tells us “A man shall leave his father and mother and hold fast to his wife, and the two shall become one flesh. But if you’re of one flesh, why have separate bank accounts? Should husband and wife have separate checking accounts or separate finances entirely? Steve Moore and Rob West discuss becoming one financially on this edition of MoneyWise Live.
Why wouldn’t newlyweds set up joint accounts?
Sometimes one may enter the marriage with a lot of debt and some newlyweds think keeping separate accounts will protect the other from the bad credit history. A common myth is that when you marry, your credit histories are automatically combined into one and that’s not the case. If one of them applies for credit in his or her name only, only that person’s credit history is taken into account.
Most couples make a huge financial decision within a few years of marriage - buying a house. They’ll have to put both names on the loan application in order to meet income qualifications and that’s when the other spouse’s credit history will be taken into consideration possibly having a negative impact on whether they get approved. But in neither case does keeping a separate bank account affect the outcome.
The Bible doesn’t tell us that spouses should share one account so we have to step back for the bigger picture so here are some points to remember:
Next, Rob and Steve answer some listener questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
Be sure to check out our new website at MoneyWiseLive.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources. Thanks for your prayerful and financial support that helps keep MoneyWise Live on the air. And if you'd like to help, just click the Donate tab at the top of the page.