Page 37 - Book3E

Two personal accounts: This can be a good choice for couples who divide up bill-paying duties carefully. It also makes things easier for couples in which one partner travels extensively for work.
One joint account and two personal accounts: The majority of the money can be deposited into the joint account, from which all bills are paid. The remainder goes to the personal accounts. This way you can have your own money to control in addition to getting the bills paid.
Before you make a decision about which scenario will work best for you, be sure you investigate how this decision can affect your future financial situation. There are several types of joint accounts, and you will need to get clarification from your bank about your options. Things like rights of survivorship, FDIC rules, and automatic access vary from account to account. Although discussions surrounding the possible death of one partner are not appealing, they are necessary to ensure you are making the wisest decision you can when it comes to joint bank accounts.
When Divorce Is the Only Option
Unfortunately, marriage sometimes results in divorce. With the num- bers increasing at alarmingly high rates, there are financial factors that must be considered. While the bulk of the decisions will need to be made with sound legal advice, there are some facts that apply to everyone.
• After a divorce, a woman who has taken her husband’s name should contact the Social Security Administration if she assumes a previous name. You can do this by filing the appropriate form at your local Social Security office. It takes about two weeks to have the change verified and receive a new Social Security Card.
• If you change your name, be sure to inform your employer also. This will ensure your earnings will be reported properly by your employer to the Social Security and IRS offices.
• Notify the IRS of your new mailing address when you file your next income tax return.
Emotions and Money 29