Consolidating finances after marriage
Each partner should come to the table with a list of all his/her accounts, debts, and a copy of his/her credit score.
Lauren and I have three joint accounts: a joint checking account for everyday expenses, a joint Capital One 360 online savings account for emergency savings and short-term goals, and a joint credit card.(In the last case, there’s little reason to actually open a joint credit card account.
(There are uncommon exceptions, such as those excluded by a prenup.) But basically, “what’s yours is mine” is the law after marriage.
Although there are some nuances in the law from state to state, if you were to get divorced tomorrow, everything you own would be split 50/50.
Each person brings the totality of his or her self into this new entity; all the good and not-so-good qualities they possess are part of the deal.
Of course, the expectation of each partner is that the good will outperform the bad, and that whatever bad does exist can be met and more effectively vanquished with a united approach.