Fox Answers: What happens to my finances when I get married?
About the tie the knot? Let Fox Communities Credit Union help you and your new partner get your finances in order
There’s a lot to think about before walking down that aisle – not the least of which is figuring out what to do about your finances. Do you combine everything with your new spouse? Do you keep everything separate? Maybe a little of Column A and a little of Column B? No matter what you decide, Fox Communities Credit Union is here to help. In fact, we’re even here to help you decide which path is right for you and your new partner-for-life.
GETTING STARTED: WHAT SHOULD MY SPOUSE AND I DISCUSS WHEN TALKING ABOUT COMBINING OUR FINANCES?
First and foremost, honesty is key when discussing finances with someone who’s about to become your spouse. Do you have some debt they don’t yet know about? Does your soon-to-be spouse know whether you have good or bad credit? Do you know everything there is to know about their financial history? These can be hard conversations to have, but they are absolutely necessary if you’re going to even think about combining your finances with your new spouse.
MOVING FORWARD: WHAT IF WE CAN’T FIGURE OUT WHETHER TO COMBINE OUR FINANCES?
That’s where the friendly and knowledgeable Fox Member Resource Officers come into play. Available at all of our Fox Communities Credit Union locations, our member resource officers can sit down with you and your beloved to figure out the best path forward. If you want to combine everything, we can help you get that set up – it’s actually pretty easy. If you want to create a joint savings or checking account but also keep your separate individual accounts, we can get that set up for you, too. And if you decide to simply keep your individual accounts, but want to either provide your partner with access or name them as a beneficiary, well – you guessed it – we can help with that, too.
Remember, there’s no right or wrong answer here. Each couple that comes to see us is different, which is why we work with each one to come up with a plan suited to their needs and situation. So, please get in touch with us if you need anything at all.
*Federally Insured by NCUA
Fox Communities Credit Union is a full-service, not-for-profit financial institution serving members throughout Eastern Wisconsin, including Appleton, Green Bay, Oshkosh, Manitowoc, and Milwaukee.