I found this story about a Widow who finds her Credit tied up in her husband’s name after he died. This is a very unfortunate circumstance for her but it just goes to teach us the importance of having your own, separate credit history when you get married.

I have already decided that when I get married my husband and I will keep separate accounts. This is not so that we can hide money from each other, but rather to protect against one of us losing access to credit history if something happens to the other one.

Joint Accounts are okay

We can have a joint account for things that we will be paying together like the mortgage and utilities. We will each contribute to that account and then the account will be used to pay those bills.

Having a joint accounts also helps couples to manage their money better because each partner can monitor the other one and offer advice if needed. When you have a joint account you have someone else who you need to think about when you are spending, so you might tend to be a little more careful about what you do.

Separate Accounts are okay too

Our credit cards will continue to remain separate because we have credit histories tied to those cards. We will also have separat, high yield checking accounts for the things that we splurge on or want to have as discretionary spending.

That makes it a lot easier to track certain things and I do not have to account for why I have been buying socks every month. (I really, REALLY like socks!)

I also have a way to keep things that should really be separate, like getting my hair done or buying things that my (future) husband has no interest in.

Pink Gel 2Like those pretty pink bath gels with sparkles.

I love getting bath gels and fizzies and poufs almost as much as I love socks. Those are my little indulgences and I do not know of many men who like these things.

I need to have my own little account where I can keep track of how much I spend on such frivolous things because I just know I can get out of control if I am not watched.

These may seem trivial to some people but you would be surprised at the number of households that have arguments over silly items that someone bought.

While I think that joint accounts are great I will continue to keep a few separate accounts just to make sure that if something happens my credit can stand on its own.

What do YOU think about having separate accounts when you get married? Leave a comment and let us know!