This story is the first installment in a series covering all things love and money. You can read more personal finance content from TD Stories here.

When it comes to money after marriage, the saying goes: what's mine becomes yours (barring a pre-nuptial or some other kind of agreement). Unless you’re someone who believes what's yours stays yours, and what's mine stays mine.

Getting married or committing to a long-term partner means combining possessions, values, traditions, and sometimes — but not always — bank accounts.

"Maybe you're a spender and your spouse is a saver. Some people want to spend every dollar as soon as it hits their bank account, and some people really need to have that safety net,” said Meranda Hamilton, a Product Group Senior Manager at TD.

“So you will most likely have to figure out what works for both of you."

However they structure their finances, Canadians surveyed who are in relationships report feeling more optimistic about their financial future and their ability to keep up with the cost of living when compared to people who are not in relationships, according to survey data from Kantar Canada MONITOR 2024.

Forty-four per cent of the survey respondents who described their situation as "financially comfortable" are in a relationship. Only 29.5% of respondents who are not in a relationship described their financial situation the same way.

While there's no right or wrong way for partners to merge finances and chart a financial future, there are considerations for every couple to discuss.

Here, we dig into some of the pros and cons of sharing a bank account with a spouse, the importance of building a personal credit history, and how life events like kids, job losses, and retirement can change the way couples manage their money.

Merging finances after marriage

Sorting out what kind of financial arrangement is best for your relationship starts with conversations about goals and values, Hamilton said.

"Regardless of the logistics of how you manage and run your bank accounts and budgets, knowing what you are working toward — whether it's a car, home, or children — is the best starting point," she said.

"A lot of couples come to us to get help with their financial plan. Our TD Personal Bankers will ask them questions to discover what their goals, values, and financial habits are."

After couples meet with a TD Personal Banker, they gain access to the TD Goal Builder to help develop customized goals and translate them into a tangible roadmap they can adapt or modify over time. They can also track their progress using the TD Goal Builder dashboard.

Once those values and habits are out in the open, it can be easier for couples to make the practical decisions about how to handle everything from everyday banking and credit cards to saving and investing.

Some benefits of sharing one bank account

A joint bank account is an account in the name of two or more people. With a joint account, each account holder can deposit cheques, make cash withdrawals, set up recurring deposits to investment accounts, and pay expenses like rent, insurance, and groceries.

If a married couple thinks a joint bank account is right for them to manage their daily expenses, they'll benefit from being able to track all the money that comes in and goes out of the account, Hamilton said.

"I think the biggest pro with a joint account is the increased transparency. It's easy to see all the transactions and measure your progress toward achieving your goals. It's visual and can help you avoid miscommunication," she said.

TD account holders can also configure the TD MySpend app to send out alerts any time a transaction is made, so each partner can keep track of purchases. The app also lets the account holders categorize their expenses into needs, wants, and other, so they can see where their money is going and adjust their budget and spending habits.

"The downside of a shared account is it's very hard to buy a surprise birthday or anniversary gift for your spouse," Hamilton said.

One joint account and two individual accounts

Only using a joint account can feel like a loss of privacy and autonomy in some relationships, Hamilton said. Or it's simply not a first choice for some couples.

“Everyone has a different level of sensitivity when it comes to sharing finances,” she said.

"But I've seen couples approach it different ways. Some have one joint account and then they each have individual, private accounts. If you're coming into a relationship later in life, or if you're coming in with assets, you might feel differently."

Each spouse might use an individual account to receive direct deposits, like paycheques, and then transfer an agreed-upon amount to the joint account so the couple can both access the funds.

One member of the couple could be self-employed, which means they might regularly transfer funds from their business account to a joint account. Or a couple might use a joint savings account to save for a specific goal, like going on a vacation or buying a house, while keeping their day-to-day expenses separate.

Some couples choose to keep their individual accounts and never open a joint one. They might each own certain bills — one person covers childcare, insurance, and the mortgage, and the other covers utilities, groceries, and a monthly cleaning service. Some couples might split their expenses in proportion to their incomes.

Investment accounts, like the Tax-Free Savings Account, the First Home Savings Account, and the Registered Retirement Savings Plan, are generally only held by individual account holders.

But some couples might budget for contributions to these accounts together, Hamilton said.

"You can still plan for retirement as a team, while holding those individual investment accounts," she said.

Some benefits of a shared credit card

A shared credit card is a good option for couples who want to be able to see all the transactions they make and easily view and pay the balance, Hamilton said. It might be useful for large, shared expenses like furniture or vacations, she added.

That said, the concept of a shared credit card is perhaps not as straightforward as it sounds.

It’s usually possible to add your spouse as an additional cardholder. But the account itself remains in the name of the primary cardholder who opened it and that person is ultimately responsible for paying off the card's balance each month.

If you have a TD credit card, you can also set transaction limits in the TD app.

But only the primary cardholder builds a credit history and a credit rating, not the additional cardholder. The additional cardholder can’t increase the credit limit either, Hamilton said.

"I always recommended that everybody have their own credit card or credit product for that reason," she said.

Adapting to changes like kids or job losses

The arrival of children might push a couple to combine finances they kept separate in the past.

Chances are that the parent staying home with the child after birth or adoption will likely have a lower income. If they stay home permanently, they might not have an income at all. Kids also usher in additional expenses that might strain a family’s overall budget.

Job losses will affect cash flow and might push a couple to combine their finances so they can closely track how they're using each dollar. That’s why Hamilton recommends couples re-evaluate their budget and their approach to their finances often.

"I think it may feel excessive, but I would say revisit it monthly. You might be able to anticipate big upcoming expenses, like a field trip or back-to-school expenses for the kids, that could throw you off your budget," she said.

Ultimately, if and how a couple merges and manages their finances can be influenced by their goals, personalities, past experiences, and preferences, Hamilton said. And these can change over the course of a relationship.

"If in the beginning of your relationship you don’t know what questions to ask your partner or how to approach a financial plan together, there are professionals who can help with this.” Hamilton said.