Couples and Money: When Together Is Better

If you've been married for a few years, you and your spouse have probably figured out which expenses and bank and credit accounts to share and which to keep separate. But when it comes to your big-picture finances--such as getting the most out of your retirement plans, coordinating health coverage and lowering your tax bill--the decisions get more complicated. In fact, the strategies that worked best for you as individuals can look entirely different when you approach them as a couple.

In 2008, Scott Godes of Rockville, Md., was working at a firm that didn't offer a match for his 401(k) contributions. His wife, Deb, did receive a match. Instead of contributing to his 401(k), he used the money to pay off a home equity line of credit the couple had taken to upgrade their home, and she contributed enough to her 401(k) to capture the match. Their goal was to decrease their debts while saving as much as possible, Scott says. "We had to coordinate and recognize that we were doing things differently, but for the benefit of both of us."

More than 10 years later, both Deb, who works in health care policy, and Scott, now a partner at a law firm, are maxing out their 401(k)s. With the help of their financial adviser, Darren Straniero, they're balancing long-term savings with shorter-term goals, including shoring up their (their older daughter is in high school) and planning a bat mitzvah for their younger