Couples are increasingly choosing to keep their finances separate, with 23% having no joint bank accounts in 2023, up from 15% in 1996. Marrying later in life and financial autonomy are cited as reasons. Communication and understanding are key to finding a mutually beneficial financial arrangement with your partner.

A Bankrate survey revealed that only 38% of American couples completely combine finances, while 26% keep them entirely separate. Experts advise open communication and setting financial goals together. The decision to merge or separate finances can evolve over time, requiring ongoing dialogue and assessment to ensure alignment.

While separate finances can offer clarity and autonomy, they may lead to emotional strain and potential tax implications. Understanding each other’s financial backgrounds and philosophies is crucial. Setting clear boundaries early in the relationship can help avoid misunderstandings and ensure both partners are satisfied with the arrangement.

Experts recommend discussing finances before major commitments and setting shared goals. Understanding each other’s financial past can inform a strategy that benefits both parties. Regular check-ins and flexibility are essential as finances evolve. It’s important to be honest about emotions and work together to find a financial arrangement that works for both partners.

Read more at Yahoo Finance: More couples are ditching joint bank accounts, and experts see a benefit