Short answer: Yes.
Long answer: We recommend that newlyweds combine all of their accounts to cut down on the friction surrounding the financial planning process. If one of the most cited reasons for a marriage to dissolve is money, we believe that making sure you are financially transparent and honest with your spouse definitely won't hurt your marriage.
A few years ago The National Endowment for Financial Education discovered that 31% of Americans who responded to a poll admitted lying to their partners about their finances. This is a huge problem!
I repeat this is a huge problem!!!
The person you have pledged your life to could possibly be lying about spending a little too much on shoes or a night out, something that in the grand scheme of things isn't the most important priority.
Having separate checking accounts for each spouse may help rid yourself of temptations of financial infidelity. This is your "throw money out of the window" account. Both of you should decide on an amount that you will deposit into each account every month... NO MORE, NO LESS.
The "throw money out of the window account" account should be a judge-free zone, where each spouse can spend however much money is in that account on whatever they want.
The key here is that this is decided on beforehand, and eliminates the distrust concerning your finances as a couple. If one spouse is a spendthrift and spends their money every month on shoes, let them use the money how they see fit. They don't feel the shame that comes with making purchases that you would've never made yourself.
Why is this important? Because there will be zero transparency if you interrogate your significant other every time they make a purchase that goes against your preferences. That is ground zero for financial infidelity.
In another example, if another spouse is thrifty and saves their money for a year so that they can buy a new TV...the other spouse cannot turn around and make demands on how that TV will be used. The cash in the "throw money out of the window" account is money that your spouse can literally throw out of the window and you cannot say a word of complaint about it. That's the deal.
In a perfect, world this is how combining bank accounts should work. Where there is a central account where the paychecks are deposited, and other accounts branching off to accomplish your financial goals. We'll go more into this in a blog post later on.
What are your thoughts? Do you have a "throw money out of the window" account with your spouse? What have you found are the best purchases you've ever made?