These insurance policies can be purchased via an insurer but can also sometimes be accessed via your superannuation fund.

Depending on the insurance, the funds can be used to replace lost income, pay for medical treatments, or cover everyday expenses such as bills, mortgage or rent. Many couples choose to take out income protection, life, trauma, and total and permanent disability insurance when they get married, as these policies provide protection if they suffer an illness or accident or can’t work for a period of time. Insurance is an important tick on the financial admin list, as getting the right cover can help protect you and your partner now and later-particularly if you decide to have a family. Money is a very personal subject-what’s most important is to decide on a strategy that works for your partnership. There’s also no hard-and-fast rules around needing to split expenses down the middle, especially if one person earns considerably more than the other. There’s no reason why couples can’t contribute individually to household bills, or decide to split bills in different ways-one person might pay for groceries, while the other pays for car expenses and so on. Another option is to combine a portion of your earnings in a joint account, but also keep separate accounts to provide you both with some financial independence.Īnd then there’s the option to not combine finances at all. While an “all-in” approach worked for Harriet and Fraser, and many couples choose this route, it’s also worth noting that couples don’t necessarily need to combine all their income. “We had joint bank accounts before we got engaged because we bought a house,” says Harriet. Opening joint bank accounts was one of them. Throughout their relationship the couple has taken a number of steps to combine their lives and build wealth together. Together since 2012 and engaged since December 2017, Harriet and Fraser have been living together for five years. Harriet, 26, and Fraser, 29, are one such couple. A joint account(s) allows them to easily contribute to shared household expenses, such as food, bills, and rent or mortgage payments. Many couples choose to combine their finances when they get married to streamline their financial admin. Here are some of the things newly married couples need to think about to get on the same (financial) page. Now it’s time to turn your attention to the fine print-those admin tasks that will prepare you and your partner for your life together. The wedding was the day of your dreams and the honeymoon as romantic as they come.

Combining finances after marriage