Do you agree that people should not have Joint Bank/Credit Card Accounts?

Question

It seems to amaze me that people would get a joint bank/credit card account together and this includes a spouse. Only negative things can go wrong with having a joint account-there are no positives. Even for married folks, accounts should be seperate from each other as 2 purposes are served. They can see who and where the money is being spent, and secondly if there is a divorce, one of the partners can not run up a large credit bill which can affect the other's credit rating. This will just alleviate many problems in the future if the marriage or partnership was to disolve which unfortunately happens too much. I am not married yet, and I haven't experienced the things that can go wrong with joint accounts, but I sure have heard the horror stories. It just seems to make logical and financial sense. Agree or disagree?

Answer 1

I kept all of my finances separate during my marriage and I am so glad I did. She filed bankruptcy just before our separation, and ran up $60,000 in debt. I still have my credit and life in tact. The fact is though that some people just can't qualify for a loan, credit card, whatever, by themselves. They are required to have a joint owner for liability reasons due to poor or no credit history. The way that my ex and i shared funds was to have 3 bank accounts, one for ourselves and one for the bills. After our amounts were put into the joint bank account for bills, any overage we made would go into our personal accounts to do whatever we wished.

Only a small percentage of couples can afford to have one stay home and still make enough to have a decent living, and each couple is different. Financially speaking, there is a positive for a couple to have joint ownership of certain debts. If the purpose was to help build your spouse's credit, you can use your good credit to assist them in achieving their goal. You better be able to afford to pay it on your own though if you do sign up as a joint. That's the biggest mistake co-signers make; assuming the debt will be paid and they won't be affected.

Answer 2

I can say from personal experience that when I married my husband I sure as hell didn't have worries as to whether or not he was going to rip me off in the long run. Having a joint account was about as natural for us as taking a sh!t. In fact, we don't view anything as seperate in our relationship. He is the one working while I stay home with our children while they're little. I have full access to our bank account and it's really never even been a discussion between us. If you're so wrapped up in worrying about what your future wife may do or not do to damage your reputation and finances you're concentrating on all the wrong things. I mean, why would you marry someone you feel you couldn't completely trust with anything 110% ? It's just so silly to me the way some people treat marriage...like it's just an arrangement. For me, it's love and devotion. It's sharing anything and everything with my husband. It's enjoying every bit of life I can with my loved one. I never spend time thinking things like "hmmm...I better go get our account seperated, he could rip me off 10 years down the road"....that kind of thought has never crossed my mind OR his. We trust one another otherwise we wouldn't be together.

Answer 3

I can see your point, but at the same time, most couples aren't worried about that.Some people don't care where the money goes as long as they get by and have eachother. I can see where it would be bad in a divorce, but not all people are out ot ruin the other person's credit and bank accounts once things go sour. It sounds to me like you either have a bitter/bias opinion or you just don't trust anyone well enough. I see you aren't married, but something must be swaying you to think that way. You have a bad image of what a marriage is and I feel bad for you.

Answer 4

Since it is a joint checking account he could easily get all the money out, and this would be completely legal. He can use the credit cards and maximize them too. So you need to take action and do it quickly, before he leaves you hanging. I would immediately seek the services of an attorney. You need to protect yourself. About the things he took from your home, you might be entitled to get some of them back. Like I said, what you really need is a good lawyer. Good luck.

Answer 5

In a marriage, I find it difficult to see the advantage of separate accounts. We use the food, electricity, and EVERYTHING together. Marriage is an agreement to share, in my view. I have never, ever had a conversation about my money v. her money.

Have separate accounts if you intend on divorcing. Then, don't get married in the first place.

Answer 6

I'll have to disagree with you. I am married and we have a joint account. We share whatever we have. Both of our paychecks go towards the bills or whatever we need. We are married not roommates.

Answer 7

I have never had a joint account and certainly would not get one.I think it could and I did say could cause all sorts of problems.

Answer 8

I disagree. Joint accounts are easier to maintain.

Answer 9

No offense... You are not married and you are taking the married life in a negative aspect. Marriages are made in heaven and they are made for lifelong (as far as I think). Do not think of divorse, money arguments etc. If you want to get married, think of him/her as an inseparable part of your life.