Can You Open a Joint Account With Your Spouse???

One of the major money questions facing newlyweds is whether to have a joint banking account. Like everything else in marriage deciding between a joint banking account or separate ones requires communication and patience.

You both must have the courage to openly discuss your approaches to money and financial goals. How much do you make annually? How much will your monthly bills (electricity, healthcare, food, school fees, etc.) cost? Are you a spender or a saver?

After you know how much money you have to handle and you know your feelings about personal finances, you must consider the advantages and disadvantages of joint banking accounts to determine the right system for you.

Here, we breakdown the advantages and disadvantages of having separate accounts with your spouse, advise on which couple is best suited  for and how to best make it work.

Who should get it?  Couples who prefer total financial independence or those who had money problems (debt) before the wedding should consider separate bank accounts. If you and your husband or wife started your marriage on rocky ground (one of you cheated or you have communication or intimacy problems, for example) and you’re not sure if your union will stand the test of time, you should definitely maintain separate bank accounts. No one wants to think about the possibility of separation and divorce, but in this day and age you can’t afford to live in a fantasy either. For your own benefit, you should try and be honest about the realities of your marriage.

Advantages: With separate accounts, you and your husband or wife can maintain a certain level of independence. You really don’t have to check with each other about purchases. If one of you is in debt or has money issues, the other will not have to worry about it. You can maintain your finances in the same way that you did when you were single.

Disadvantages: You might argue over big purchases, such as a house, and common expenses because you’re so used to making decisions on your own. One of you may have a lot more or a lot less money than the other, which could cause you to have different lifestyles despite living under the same roof, which can complicate your relationship. For instance, if your husband, who earns less than you, is always trying to spend time at home to save money, but you’d rather go out to eat and take in shows, you might have problems. In addition, if one of you should pass away, the other will not automatically receive the money in your account.

How to make it work: This is probably the simplest of all the options. You can just keep maintaining your finances in the way you did before the wedding. But you’ll have to determine a fair way to pay the bills and expenses that you share. For some couples, bills are split 50/50, while others come up with percentages that adjust to their individual use of a particular service. For example, if you work from home and therefore use more electricity, then you would pay more of the gas and electric bill.

Let us know what you think about this complex topic in the comment box below or in the comment box on our Facebook Page.