The importance of unified finances for couples

Managing finances is a significant part of a couple’s journey through life together. In the context of marriage, the decision to unify finances can lead to a stronger partnership, fostering trust, transparency and shared goals. While there are different opinions on the best financial approach for couples, the decision to unify finances has deep roots in both the legal system of the Philippines and Christian teachings.

This article explores the benefits of unified finances for couples, referencing both Philippine law and biblical principles to highlight why it can be a wise and fulfilling choice.

Legal foundation

Under Philippine law, marriage is not just a social contract but a partnership with clear legal obligations and benefits. The Family Code of the Philippines, which governs the laws on marriage, provides a framework for the treatment of assets acquired during the marriage.

READ: 10 most helpful Bible verses on personal finance

One significant legal principle is the concept of “absolute community of property.” Article 75 of the Family Code states: “The future spouses may, in the marriage settlements, agree upon the regime of absolute community, conjugal partnership of gains, complete separation of property, or any other regime. In the absence of a marriage settlement, or when the regime agreed upon is void, the system of absolute community of property as established in this Code shall govern.”

This means that unless a couple agrees otherwise in a prenuptial agreement, all property acquired during the marriage becomes part of a joint ownership, managed as a single entity. The rationale is that the spouses contribute equally to the marriage, whether through monetary income or nonmonetary contributions such as managing the household or raising children.

By unifying finances, couples align with the spirit of this law, which emphasizes partnership and mutual trust. Legal unification encourages transparency, accountability and a sense of shared responsibility. When couples handle money together, they are legally reinforcing the unity that marriage represents.

Furthermore, unified finances can help avoid conflicts down the line. It prevents a sense of possessiveness over personal earnings and encourages both partners to work toward common financial goals, be it saving for a house, budgeting for children’s education or preparing for retirement.

Biblical perspective

The Bible also provides profound guidance for married couples, especially when it comes to financial unity. The idea of two individuals becoming one is central to Christian marriage.

In Genesis 2:24, it says: “Therefore a man shall leave his father and mother and be joined to his wife, and they shall become one flesh.”

This verse is foundational for understanding the biblical view of marriage. The concept of becoming “one flesh” implies unity not only in physical and emotional aspects but in every area of life, including finances. By unifying finances, couples practice this biblical principle of oneness, where both partners contribute and benefit equally.

READ: Why the Bible is the ultimate personal finance guide

Another relevant passage is found in Ecclesiastes 4:9-10: “Two are better than one, because they have a good reward for their toil. For if they fall, one will lift up his fellow. But woe to him who is alone when he falls and has not another to lift him up!”

This verse speaks to the strength of working together, which applies directly to financial unity. By pooling resources, couples can achieve more than they could individually. They can also support each other in times of financial difficulty, ensuring that no one partner bears the burden alone.

In the New Testament, Jesus teaches about the importance of stewardship and trustworthiness with material resources. Luke 16:10 says: “Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much.”

In the context of marriage, this trust and stewardship of finances are crucial. Unifying finances demonstrates that both partners trust each other to manage resources responsibly. It also opens up opportunities for joint decision-making and mutual accountability, which helps build a strong foundation for financial stewardship in the family.

Practical benefits of unifying finances

From a practical standpoint, there are several benefits to having unified finances in marriage. Here are a few:

• Transparency and trust. Unifying finances fosters transparency. Both partners are aware of each other’s income, expenses and savings, reducing the risk of financial secrets or mistrust. This transparency leads to a stronger bond and eliminates the “yours vs. mine” mentality.

• Shared financial goals. When finances are unified, couples naturally work toward shared financial goals. This could mean saving for a home, planning for children’s education or preparing for retirement. Unified finances allow both partners to contribute to these goals, making the process smoother and more collaborative.

• Simplified financial management. Keeping track of separate accounts can be time-consuming and complicated. By merging finances, couples simplify their financial management. This means less paperwork, fewer account fees and easier budgeting.

• Equal partnership. Unified finances promote equality in the relationship. Both partners contribute, and both benefit equally from the money. This is especially important in marriages where one partner may not have an income (such as a stay-at-home parent). Unifying finances acknowledges the value of nonmonetary contributions to the family.

• Building wealth together. When both partners are financially united, they can more easily work together to invest and grow their wealth. Whether through investments, savings or business ventures, unified finances allow couples to make strategic decisions that benefit the family as a whole.

Unifying finances is a practical, legal and spiritual decision that strengthens marriages. Under Philippine law, the regime of absolute community of property underscores the importance of shared financial responsibility. In Christian teaching, the unity of marriage extends to all aspects of life, including finances, emphasizing trust, stewardship and mutual support.

For couples, unifying finances can lead to a deeper sense of partnership, foster transparency, and enable them to work together toward shared goals. Whether viewed from the lens of the law or biblical principles, managing money as one unit reflects the essence of marriage—a lifelong commitment to trust, love and mutual growth.

Randell Tiongson is an author and speaker on personal finance