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More married Millennials keeping separate bank accounts

If last weekend's royal wedding taught us anything, it is that the norms and traditions surrounding wedding ceremonies and marriage are changing. Indeed many British traditions were augmented given that an American divorcee was marrying into British royalty, but it also exemplified the changing ideals that Millennials have about marriage and traditional roles.   

According to a recent article in The Atlantic, more Millennials who are marrying or are in long-term, committed relationships insist on having separate bank accounts instead of having one joint bank account to pool their income.

The reasons for this change in protocol vary. Since more Millennials are marrying later in life, they have established themselves in their careers and have earned their own income for quite some time. Therefore, they don't see the need of closing a personal account to open a joint account with their soon-to-be spouse. Additionally, the fear of traditional roles and the loss of control over one's finances is also a deterrent. Perhaps they have heard horror stories of vindictive spouses absconding with marital funds or denying access to them in the midst of a divorce.

The couples surveyed did not suggest that having separate bank accounts indicated a lack of trust. Rather, it was a sign of commitment that they would help each other out at different times of the month since they would likely be on separate pay schedules.

When marriages among Millennials break down, the law does not change. Income earned (and saved) during the marriage can be considered part of the marital estate regardless of what bank account it resides in. If you have questions about how many can (or should) be handled in divorce, an experienced family law attorney can advise you.

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