loyalhero90

Joint or Separate bank accounts

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Like the title says, when married would you have a joint or separate bank account? Or would it be a mixture of the two?

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Hello, we'll in my mind always always joint for the main account. No problem with having an additional separate one as well but main one joint. Neither should need to be asking for access to your monies and it may be the case when you have children that the chap is the bread winner. Col.

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Joint. When you're married you marry everything about the person including the finances. Their debts are now yours and vice versa. Its not "your" money and "my" money its "our" money. So part of that in my opinion is getting a joint bank account. Now I've always been one to have multiple accounts so I'd be ok with say...a main joint checking and a joint savings and then you each had your own smaller checking accounts to play around with. That'd be ok but I personally wouldn't find it necessary. Reason being, even if you have separate accounts you should still share all aspects of your finances with each other. 

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Joint. When you're married you marry everything about the person including the finances. Their debts are now yours and vice versa. Its not "your" money and "my" money its "our" money. So part of that in my opinion is getting a joint bank account. Now I've always been one to have multiple accounts so I'd be ok with say...a main joint checking and a joint savings and then you each had your own smaller checking accounts to play around with. That'd be ok but I personally wouldn't find it necessary. Reason being, even if you have separate accounts you should still share all aspects of your finances with each other. 

Sounds perfect because hey if you have nowhere to hide the money for her Christmas presents then the lump in the carpet gets a drag!

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My parents had a joined bank account, but I'm pretty sure they also had their own separate bank accounts. I personally would want both. I would NOT only have a joined bank account. It's either both, or separate.

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Joint. However you should have a credit card in just your name for expenses the wife doesn't need to know about. For example, presents for her, video games, cuban cigars, etc.

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Joint. My parents have always had a joint bank account and I think it shows trust in your relationship. I may be willing to have both but I think that a joint bank account would be best and it agrees with my view of marriage the best.

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Rolled up marijuana ;)

 

My view on marriage is that two people become "one." Both people should embrace any changes to meet that state as much as practically possible. I want my future wife and I to make decisions together and hold each other accountable financially. What is mine is hers and what is hers is mine. No secrets between us and there will be complete trust.

 

(Except for my secret off shore account for drugs, guns and prostitutes :) )

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I think I would have a joint account for bills and things like that and a joint savings account, but we could also have our own separate accounts to dabble in for misc.  Of course, he would still have access to mine and I to his just in case.

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Diversify! :P

 

Clearly a married couple should have complete trust in one another in all respects. All the financial assets should be common knowledge between both people. Maybe have a couple of joint accounts, and then a few separate ones. Same goes with the rest of your financial portfolio. It's just common sense. Who knows what might happen, it's good to have financial protection for each individual that won't be tied to the other one. In case of a financial issue that occurs with one spouse. Maybe a debt of some kind. No matter how careful you are, things can happen. Then the other spouse has their own backup funds to fix the problem with.

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Diversify! :P

 

Clearly a married couple should have complete trust in one another in all respects. All the financial assets should be common knowledge between both people. Maybe have a couple of joint accounts, and then a few separate ones. Same goes with the rest of your financial portfolio. It's just common sense. Who knows what might happen, it's good to have financial protection for each individual that won't be tied to the other one. In case of a financial issue that occurs with one spouse. Maybe a debt of some kind. No matter how careful you are, things can happen. Then the other spouse has their own backup funds to fix the problem with.

I don't disagree with you about having diversified accounts, I can go along with that. But I will point out that (and I'm not sure if you meant it like this) once you're married in the eyes of the law your finances are one whether you have joint accounts or not. Meaning if one of you incurred a massive debt for some reason (or gambled away a bunch of money on credit or something) you're both still liable for it. For instance one of you can't file bankruptcy while the other one has 20,000 cash in the bank. So in that sense are you tied to the other person. Just FYI :)

 

I say this to tell everyone that you MUST talk about finances with a prospective spouse. You don't have to be indentical in views...but you need to be pretty dang close ;) In my opinion anyway. Finances and money problems are the #1 cause of divorce in North America, statistically, according to the Dave Ramsey show.

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Meaning if one of you incurred a massive debt for some reason (or gambled away a bunch of money on credit or something) you're both still liable for it. For instance one of you can't file bankruptcy while the other one has 20,000 cash in the bank. So in that sense are you tied to the other person. Just FYI :)

 

Oh! I actually didn't know that. Thanks for bringing this up DD. That's rather terrifying to think I'd be responsible for my husbands debts, if he were to accrue any. It seems talking finances with a spouse beforehand is indeed very important. I just assumed if I had money of my own I'd always be "safe" in a sense. But I guess not. I'll definitely have to look into what the specific rules are as well as always talk finances with a potential spouse.

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No problem! I've just heard about it on this show I listen to. I'm not an expert but I do know that although you aren't necessarily responsible for your spouse's debts that ocurred before you got married (although in some cases you are, like if you add your name to a line of credit he had before you were married) but you are responsible for any debt that occurs during the marriage. For instance, your spouse can go get a credit card soley in their name, not tell you about it, run up a bunch of debt and yes, you are just as responsible for it as they are. Doesn't seem fair but then again I guess the lesson is don't marry someone you think would do this haha. It definitely makes you think!!

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My brother and his wife have separate accounts, and it works very well for them. They buy gifts for each other all the time :D when it comes to making serious financial decisions, they have a good budget in place and are sure to communicate about whatever it is they need to do. They obviously trust each other fully. I'm not really sure about that, I might just try it out both way and see what my husband thinks about it :) ultimately, we should be able to trust each other and communicate openly. But I would prefer a joint account though, it just seems less complex that way!

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We have separate accounts and always have... but... we have also always had signing privileges and access to each other's accounts so the truth is WE have TWO accounts vs we each have our own I guess if i were being practical in looking at this.  I will say at first it's one of those "i'm still me" sort of things...   like somehow that's your identity is having a bank account - which of course is silly - but it was ok and not a big deal bec we always knew everything and shared everything and paid each other's debts off like cars and student loans and then not that long after everything was what WE spent or what we needed for loans (for houses and cars and things).  Anyway... we still have two probably out of habit , certainly not for any other reason.  

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Having a joint account and our own separate accounts seem the most logic but then again I don't know anything about this kind of stuff, so I think I'll just go with whatever my husband wants to do :wacko:

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Money I previously own will be mine and mine only even after we get married, but our incomes during marriage will be ours, so joint during marriage minus my previous savings.

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Both separate and joint accounts. She has to have her own account. It is jus comment sense but of. Purse the money I made will be mine.

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You know the old saying chaps ?

What's mine is our's and what is her's is her own. He he

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Separate bank accounts. Separate bedrooms. Happy marriage and no divorce. I don't trust feminism.

WTF do joint/ separate banks accounts and single/separate bedrooms have to do with feminism?   

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Never heard about divorced husbands who lost everything to their greedy and heartless feminist wife ? 

Never heard about how feminism wants to destroy true male identity and true female identity ?

What better ways to do that other than by joint bank accounts and joint bedroom ?

Understood ? Or do I need to explain more ?

Ever heard of husbands do the same things to their wives? You obviously have a skewed view on what feminism actually is, I knew I wouldn't like your answer. 

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Never heard about divorced husbands who lost everything to their greedy and heartless feminist wife

Never heard about how feminism wants to destroy true male identity and true female identity ?

What better ways to do that other than by joint bank accounts and joint bedroom ?

Understood ? Or do I need to explain more ?

 

Why not just not marry that kind of woman?

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Interesting reading - I quite agree! I would much prefer to have a joint bank account with my husband.

 

'In a report on their findings the researchers said: ‘They suggest merging finances is associated with higher relationship quality.

Joint banking may be an important relationship-building behaviour'.

 

 

http://www.dailymail.co.uk/news/article-2466757/Love--opening-joint-bank-account-partner-How-merging-finances-strengthen-relationships.html

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