There are a number of superlatives that can describe last weekend’s royal wedding: romantic, picturesque, regal and symbolic. The last is appropriate given the many deviations from tradition. For instance, the bride’s future father-in-law walked her down the aisle instead of her own father. An American bishop gave a sermon in a very “American” way. Also, a gospel choir sung a classic R&B song.
These changes to tradition are examples of some of the different approaches to marriage millennials are taking. Another popular break involves money. More millennials are using separate bank accounts even as they tie the knot.
An article in The Atlantic highlighted this trend. Some millennials scoff at the notion of falling into traditional roles in marriage, and having separate bank accounts (as opposed to using one joint account) is a way to preserve independence, particularly for women. Since many millennials are getting married later in life, they have had a chance to establish themselves professionally and financially, and see a joint account as losing a part of their identity.
In the past, having separate bank accounts was frowned upon and suggested that couples did not trust each other. Today, separate accounts are arguably the norm among millennials, and they trust each other to offer assistance at different times of the month to ensure payment of different bills. In fact, modern technology allows couples to easily transfer money back and forth between their accounts, so the lack of joint accounts could exemplify a change in banking services as well.
Regardless of what you may think about married couples not having joint accounts, the money that they earn during the marriage can still be considered community income under California law.