Key takeaways

• 1 in 5 adults see marriage as a wealth-building opportunity.

• 77% of married couples held at least one joint account in 2023.

• Marriage doesn’t merge credit scores, but joint debt affects both partners.

Deciding on financial strategies as a newly married couple can bring questions like: Should we combine finances, or what’s the best budget, or how do we save for retirement together? The answers will be unique to each couple, though it’s clear that money and marriage go hand in hand. A fifth of people think that marriage is one of the biggest wealth-building opportunities, according to Empower research.

Going from “couple” to “spouses” can be a busy, complex process, and it’s wise to understand how marriage changes money management and can present new questions to decide on together.

Opening new accounts: Joint or separate?

Americans are getting married later in life, with the average age for a first marriage being 30.2 years old for men and 28.6 for women as of 2024. This leaves many years for people to establish themselves financially and accumulate assets under their own name — from a 529 plan where you’re a beneficiary, or a savings account you’ve had since you were a kid.

Fully combining all financial accounts while married has been on the decline, according to Census Bureau data, though 77% of married couples held at least one type of account jointly with their spouse in 2023.¹

Read more: Saying “I do” to separate finances

Savings account options for married couples

There’s no limit on how many savings accounts a person can open, though married couples should consider how many accounts they have and which types — joint and separate — because that all impacts how much their wealth is insured.

The Federal Deposit Insurance Corporation (FDIC) is run by the federal government and protects money within deposit accounts at FDIC-insured banks in case of a bank failure. Checking accounts, savings accounts, and CDs are some of the eligible accounts, and non-deposits like stock investments, bonds, and crypto are not covered.²

Whether an account is opened under one person or jointly is an important aspect for FDIC deposit insurance. For eligible accounts, the insurance covers $250,000 per depositor, per FDIC-insured bank, for each account ownership category (such as single accounts, joint accounts, trusts, and IRAs). This $250,000 limit requires couples to assess their approach, as multiple accounts at the same bank can more quickly hit the cap depending on how the accounts are structured, compared to having single and joint accounts at multiple banks.³

The agency’s Electronic Deposit Insurance Estimator (EDIE) tool can help couples visualize how much a married couple is covered based on their account mix.⁴

Newlyweds could also choose to use savings accounts to monitor their progress on goals. They may have one savings account for each shared money goal, like an emergency fund, a new car, future family needs (having kids, elder care), or a future home down payment. Spouses may also decide to open individual savings accounts for their personal spending, along with separate retirement accounts.

Money goals with a set time horizon — say, for a one-year anniversary trip — could benefit from certificates of deposit (CDs); these are similar to a typical savings account, though tend to offer higher interest rates in exchange for locking in funds for a specific amount of time.⁵

The amount of annual interest that a person expects to receive through a deposit account like a CD is expressed as an annual percentage yield (APY). Even for CDs with a term of less than a year — such as 6 months — the interest rate is still expressed as an APY.

CDs can be a helpful way for couples to set aside money, though rates can vary. Shopping around at different financial institutions allows couples to adjust their search based on different time frames and terms (such as a minimum deposit amount) to maximize the APY offered.

How marriage affects credit scores

Tying the knot doesn’t trigger any automatic changes around credit and debt; any future changes come in the form of debt that’s opened jointly afterward, and each person still has their own credit score to maintain.⁶

Empower research found there’s a gap in credit use and education: About half of people (49%) said they wish they had learned more about credit and debt before using a credit card.

Since people may be using a credit card before marriage, there’s room now to optimize spending, which could come in the form of tapping into credit card rewards or making progress on a debt payoff plan.

Adding a spouse as an authorized user on an existing credit card is a popular post-wedding money move, though remember that the original account holder is still liable for all charges and for making payments. This may benefit the additional user by having the age of that account added to their overall length of credit, which is a part of their individual credit score.

Read more: 5 terms to know to use credit cards responsibly

When a couple applies for a line of credit jointly — such as for a mortgage or credit card together —  financial institutions will take both individual’s credit scores into account and payments will impact both scores. Having honest conversations around how much debt you have can help avoid surprises when applying for new credit and taking on new life stages.

Filing taxes when married

Nearly two in five people (38%) say money strains their relationships with friends and family, and tax season can be an especially stressful money moment, requiring paperwork, calculations, and revised rules to follow.

Marriage also brings new tax options for couples, including choosing a filing status. There are tradeoffs to each option, so it can be worth taking the time to compare how a tax return would be calculated under each scenario, like married filing separately or as head of household.

Read more: The tax benefits of marriage

Adding another person to a household also increases the amount of paperwork that’s involved in filing a tax return. At tax time, you’ll need to keep track of any existing and new savings accounts since a 1099-INT form will arrive for any account that has accumulated interest during the year. A tax-preparation checklist and consulting with a tax professional could help married couples stay better organized.

Plan for the future

Newlyweds can face adding a spouse to health insurance or other workplace benefits, though one important update to keep in mind is who’s listed as the beneficiary on existing accounts, such as a 401(k) plan or individual retirement account. Adding a spouse as a beneficiary helps ensure that any assets are passed along to them without the need for a probate process, and laws can vary across states about how assets are distributed.

Getting married is just one of many money events, and Empower findings show that 83% of Americans think there’s no set age to achieve life milestones. As married couples develop their own goals and plans, there’s a wealth of options to consider on the journey toward financial happiness.