Should spouses have a common bank account? or Separated?

Question

If they have separated ones, should both know the flot of each account?

Answer 1

My husband and I have seperate accounts kinda. But we do have eachothers name on our seperate accounts.

Answer 2

This is a question with many answers. If both persons contribute to the household income and have similar spending habits and discuss any major purchases before buying then a joint account or common account can be a good bet. Separate accounts may be in order if one partner has difficulty with spending too aggressively. Oftentimes in this instance it is better if there is just one common account with limited use by the spouse with the problem spending. When people decide to have separate accounts it would be wise to know how each partner manages their money, because any debts incurred in the marriage are the responsibilities of both spouses, so an open policy in regards to finances and bank accounts is called for always.

Answer 3

We work with 3 accounts. 2 separate salary accounts and one joint account. All family expenditure from mortgage to groceries go out of the joint account. Also shoes and clothes and movies and everything absolutely. We also know what each other has in their separate accounts. That is for personal savings.

Answer 4

I always thought a shared account would be best until...Well she liked to spend more than me and it always ended up her spending all of my extra money. The only way to eliminate that was to get seperate accounts now we have more money for savings because she knows how much she has and I know how much I have and we split the bills 50/50 works better when each spouse has their own finacial independance.

Answer 5

Assuming each person is working and you already have a budget, then after each person contributes to the common expenses like mortgage, electricity, etc. then it is great to have separate bank accounts.

The reason is that each person has money to spend on one another, themselves, etc. But you have to make sure that the common expenses are paid for FIRST. This includes credit card spending.

Answer 6

It depends on the relationship. I had a friend who was married. Her husband was horrible about spending money. They had a joint account and he kept spening more than they had. She was always complaining how she never had any money. I suggested that she should open her own account but she never did it. In that case they should have had seperate accounts. But there are spouses that have common bank accounts and there are no problems.

Answer 7

I personally like my own bank account and a business account for bills. My wife has a small account for personal use and credit cards. I think the income and business can influence this choice.

Answer 8

as husband and wife I believe you should have 1 joint account. when you got married you both became one.

separate accounts indicates being separated.
what me and my wife did, we have the 1 joint account and individual savings accounts for our allowances and "fun" money...we give ourselves an allowance so that we can spend that money on whatever we want without it causing an issue in the main account...

Answer 9

my mother inlaw and father in law havw seperate accounts and they allways fight about money, even though they make double what my husband and i do, my husband and i have a joint checking and saving acc. but only i have access to the special account, its for b-days, x-mas, and our anaversary, however its usualy empty and i keep my husband up to date on its balance( we have 3 daughters)he does not mind having access denied to that portion as it is always money from tax return or my part time job.and we rarely argue about money

Answer 10

I think an account together and seperate accounts are best because i think couples need to have seperate accounts.