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FROM "The Balance":
Marriage is an exciting milestone that will lead to changes in your life, including your finances. Your joint money habits affect you in myriad ways, such as which house you can afford, whether joint loan approval is possible, and even your retirement age.
Without a plan, money can sometimes be a source of conflict in a marriage. Finances have a deep impact on many other lifestyle choices—from your Netflix bill to vacation savings. After marriage, combining finances might include joint bank accounts, filing taxes together, and buying that first house.
According to a 2013 Survey of Consumer Finances data, White, non-Hispanic couples between the ages of 18 and 64 have a median wealth of $193,400 including vehicles. Single White women have a median wealth of $49,180. Black couples have a median wealth of $46,900, and Black single women have a median wealth of $5,000. Hispanic couples have a median wealth of $39,100, while single Hispanic women have a median wealth of $2,680. These differences result from issues including wage disparities, tax disadvantages, and historical institutional racism that restricted opportunities to build wealth.
Newlyweds who start with joint money management can often avoid common pitfalls, achieve common financial goals, and build wealth.