The millennial generation is turning traditional marriage conventions on their head. Where previous generations married in their early twenties, millennials often wait until well into their thirties to tie the knot. Where previous generations met their spouses at work or through friends, millennials often find their soulmates online or through an app.
When it comes to their finances, millennials also have a fresh outlook. As a whole, this generation of newlyweds prefers to keep their bank accounts separate. Here are a few reasons for this trend:
- Co-habitation: Living together before marriage is quickly becoming the norm. When unmarried couples live together, they typically do not merge bank accounts. Therefore, once married, they’re already in the habit of keeping things separate.
- Older: Previous generations tended to get married right after finishing school—and just as they were entering the workforce. Millennials, on the other hand, are getting married much later in life. They’ve achieved a lot professionally, and they’re used to financial independence.
- Avoiding financial vulnerability: In previous generations, traditional gender roles kept women at home and men in the workplace. Wives were financially reliant on their husbands, and husbands usually controlled the household finances. Many millennials view these gender roles as outdated—and millennial women are not willing to give up their financial independence when they get married. Keeping separate bank accounts is one way each member of a couple can maintain control of their finances.
It’s important to note that maintaining individual bank accounts doesn’t necessarily mean that those funds will not be considered marital property—and susceptible to division—in the event of a divorce. Your state’s laws will determine how such money will be handled.