Keeping Finances Separate: Suze Orman's Advice for Married Couples

When it comes to managing money in a marriage, financial expert Suze Orman strongly advises maintaining financial independence. In a recent episode of her "Women & Money" podcast, Orman responded to a listener named Benjamin, who asked about combining finances with his new spouse. Her response? Keep individual credit cards and checking accounts to avoid potential financial complications. Benjamin, a 35-year-old finance professional, and his partner, Taylor, an emergency room doctor, wanted guidance on handling shared expenses and whether they should open joint accounts. Orman's advice was straightforward: couples should contribute to expenses based on a percentage of their income, but they should not merge credit cards or checking accounts.



Orman emphasized that financial autonomy prevents complications in case of unexpected circumstances. She shared that she and her wife, KT, manage their finances separately except for certain jointly owned assets. This approach, she explained, allows each partner to retain financial responsibility and control over their own money. “I don’t have to worry about: Is she balancing her checkbook? Is she overdrawn? Is she not?” Orman said. “We’re both independent, responsible for our own accounts.”

One of Orman's biggest concerns with joint accounts is the risk of financial mismanagement by one partner. If a spouse overspends on a joint credit card or drains a shared bank account, the other partner could be left in a difficult financial situation. If the relationship ends, separating finances can also become a legal and emotional challenge. Trending: ‘Which Bucket Do I Draw From First?’ Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts Instead, Orman recommends that each spouse maintain control over their own money while contributing fairly to shared expenses. A percentage-based approach ensures that contributions align with each partner's income, preventing financial strain on the lower-earning spouse. This method allows couples to equitably share expenses while still maintaining financial security.



While Orman advises against joint credit cards and checking accounts, she acknowledges that some assets—such as real estate and vehicles—may be shared. Owning property together can make sense, but it's crucial to establish clear financial agreements to avoid complications in the future. For example, if one partner contributes more to a home purchase, having a written agreement ensures fairness if the relationship were to end. Orman stresses that transparency and open communication about financial expectations are essential for long-term success in managing shared assets.

In addition to discussing joint finances, Benjamin also asked whether he and his spouse should invest in term life insurance, given that they do not plan to have children. Orman noted that life insurance isn't just for those with dependents. Considering Taylor’s career as an ER doctor, she recommended purchasing a policy as a precaution. At age 35, a high-value term life insurance policy can be relatively inexpensive and provide financial protection in case of an unexpected loss. Even if a couple has no children, a policy can cover funeral expenses, outstanding debts, or provide financial stability for the surviving spouse.

Orman's advice hones in on her belief that financial independence is important in a marriage. “We’re both independent, responsible for our own accounts that way in case it doesn’t work out,” she said. “I’m not saying that, but just in case, then it’s so much easier.” Marriage is both a personal and financial partnership, and Orman's advice underscores the importance of protecting individual financial stability. Keeping credit cards and checking accounts separate can help couples avoid financial disputes and maintain autonomy, while still contributing fairly to shared expenses. Whether newly married or years into a partnership, following Orman's guidance could help couples navigate their finances with confidence and security.