When it comes to managing money in a marriage, financial expert Suze Orman strongly advises maintaining financial independence. In a recent episode of her “Women & Money” podcast, Orman responded to a listener named Benjamin, who asked about combining finances with his new spouse.
Her response? Keep individual credit cards and checking accounts to avoid potential financial complications.
Benjamin, a 35-year-old finance professional, and his partner, Taylor, an emergency room doctor, wanted guidance on handling shared expenses and whether they should open joint accounts. Orman’s advice was straightforward: couples should contribute to expenses based on a percentage of their income, but they should not merge credit cards or checking accounts.
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Orman emphasized that financial autonomy prevents complications in case of unexpected circumstances. She shared that she and her wife, KT, manage their finances separately except for certain jointly owned assets. This approach, she explained, allows each partner to retain financial responsibility and control over their own money.
“I don’t have to worry about: Is she balancing her checkbook? Is she overdrawn? Is she not?” Orman said. “We’re both independent, responsible for our own accounts.”
One of Orman’s biggest concerns with joint accounts is the risk of financial mismanagement by one partner. If a spouse overspends on a joint credit card or drains a shared bank account, the other partner could be left in a difficult financial situation. If the relationship ends, separating finances can also become a legal and emotional challenge.
Instead, Orman recommends that each spouse maintain control over their own money while contributing fairly to shared expenses. A percentage-based approach ensures that contributions align with each partner’s income, preventing financial strain on the lower-earning spouse. This method allows couples to equitably share expenses while still maintaining financial security.
While Orman advises against joint credit cards and checking accounts, she acknowledges that some assets—such as real estate and vehicles—may be shared. Owning property together can make sense, but it’s crucial to establish clear financial agreements to avoid complications in the future.
