Many young people in Indiana are choosing not to fully combine their finances, even when they decide to get married. According to one survey, over one-quarter of all millennials are opting to keep two separate bank accounts after marriage rather than launching a joint account. This is more than double the number of couples from older generations who manage their money in this way. There are a number of reasons for the change, including the fact that many couples both have strong careers. In addition, online apps make it easy for people to quickly transfer money from one person to the other without delay.
In some cases, however, people may see maintaining their separate accounts as a form of security against divorce. They may have seen their parents fighting over money and want to avoid the same future for themselves. However, simply maintaining separate accounts does not effectively remove them from the marital estate and therefore from potential conflict during a divorce. Of course, the two parties can simply choose to accept that each walks away from the marriage with his or her own accounts, but this setup does not provide certainty if circumstances change in the future.
Experts note that there are many good reasons for people to keep their own bank accounts, often in addition to a joint account for major expenses like housing, groceries or even family trips. However, people who are seriously seeking to protect their assets or plan in advance for a divorce may wish to consider a prenuptial agreement to provide greater security.
When people decide to divorce, they may be worried about the financial consequences of ending a marriage, especially as the effects may linger for years to come. A family law attorney may help a divorcing spouse to negotiate a fair property division settlement.