Married couple - separate or joint bank accounts???

Question

I like to have my own bank account but my wife wants to have a joint account. She tells me that it's necessary for all married couples to have a joint account but I disagree and feel that each person should be independent within limits and have joint accounts. Am I wrong? I she right? What are other couples doing??? Help!

Answer 1

I am married and we have a joint account. When we were first married my husband wanted his own account too, but I felt as if it wasn't right since we were married. How would I know what he was spending and how it was being spent? I feel that each person should be aware of any money being spent in excess of say $100. There needs to be a limit otherwise it could get out of control. Say for instance your wife decided to go out and buy a $300 purse out of her account, and even though it's not money that you worked for it's your money together since you are a couple. If it were me, I would be upset because it's not a joint effort. If you are that set on having your own account, you have an account and let her have an account and then the both of you contribute money to the joint account.

When you get married and become one there is no more "mine" or "me", it's "us" and "ours". You all should work together, not seperately.

Answer 2

Your wife is wrong about it being necessary. Common, yes, but definitely NOT necessary.

You are both legally responsible for each other's financial situation anyway, which is why most couples go joint. But here's another side of things:

When my wife first moved in with me 10 years ago, I did some thinking. The rent was the same, so was the phone bill, the power bill, and insurance. The only thing that would increase for me was the food bill, and since I made more than she did we agreed that she was responsible for ALL food and I would pay the rest.

Since it worked out so well before the marriage, we've kept doing it seven years into the marriage. She takes care of food and the cable bill, I pay for the rest. It means that there is no question about who's turn it is to pay for something, because financial responsibilities have already been defined.

We both get to spend any money we have left over however we choose, so there are no arguments about blowing OUR bank account on a shoe sale. If one of us is going to come up short, the other pitches in as needed (we ARE married, after all).

We do not argue about money. Ever. As far as we are concerned, it works great.

Answer 3

it is completely up to you. you can have your own separate accounts then have a joint one. separate accounts are safer. in case of divorce. it is a hard question. how long have you been married 6 years? joint. 3 months? separate. like i said it is up to you but if you do a joint account you are completely trusting another person with your money, will she ask you about buying a bedroom set for 3,000 dollars before she buys it? or will she just take the money and spend it even though you have a great bedroom set? its up to you. when i get married i will use a separate account i am not a person who is a gambler.

hope this helps. its all you. and your decision.

Answer 4

Separate and a joint bills account definitely,its so much trouble if anything does go wrong,open an account which you both pay a set amount in each month to cover bills,i think its good to keep some finance separate .Times have changed dramatically and i find most couples keep accounts separate now

Answer 5

Both. Biggest causes of divorce are sexual drama & financial problems. Having a joint account can help you show each other how much you trust one another, but it can also cause some huge fights. You came into the relationship as individuals and need to hold on to apart of that individuality.

My husband and I have a joint account that we use for bill payment and buying things for the kids. Our individual accounts are for our own peace of mind and privacy. I also like to have it when I want to buy him surprise gifts!

Also, It's amazing how much you can save when you don't put all your "pennies in the same account." God knows I love my hubby - but i'm the thrify one and if I didn't have my separate account from his...I'd kill him! LOL

Answer 6

It is advisable to have Joint a/c operatable by any one or survivor. In case of an unfortunate happening , the survivor will not have to undergo legal actions. This does not mean you can not have independant a/c. but along woth that a joint account is advisable.
Genearally couple have Joint a/c with instructions 'To be operated by either or survivor" If you insist to have an independant a/c for reasons do so and put her mane as nominee.

Answer 7

Different things work for different people. If you believe in my money is mine and you lose control over your money in a joint account, then dude surprise... you should not have gotten married, you don't realize it but you have lost control over your life. Its no longer ME and I, but its rather WE and US. Joint accounts are just easier to manage family finance and you are a family of two and your family will eventually grow. Even if you manage your own bank account, you still will have to decide between the plasma TV or diapers and formula (that adds up). Marriage is a partnership and a joint account shows trust between two partners..... I leave it here, rest you can figure it out.

Answer 8

I think every married couple should have joint bank account together. When you married you became one and that means your money, too. You should pay for bills, grocery, and entertainment out of your "joint" account. This is part of being married. You aren't dating anymore. If you want to have a little extra money to splurge open a saving account together and save a little. Open 2...one for you and one for her, but both of you have access to both accounts. This way it is like you have your "own" money, yet she has the security and satisfaction of knowing you have your accounts together. If you have no reason to distrust her (that she might drain you dry), then what is the hold-up?

Answer 9

i am not officially part of a couple yet, but I know with myself, that I would like to have a bank account with my husband where we pay the bills, and then I would like to have a savings/checking account that is just mine. I know that we became one on our wedding day, but I like my independence, and I also like being a part of someone. I think I can have the best of both worlds. not all men are good at managing the household finances, and when you are thinking that there is one amount in the bank, and it turns out that it is less, well, go figure.

Answer 10

Remember that money is responsible for that majority of divorces. It depends why you have seperate accounts. Do you consider it "my money, her money" or "our money"? It is a smart idea to have two JOINT accounts, that way both have access to the money, but each of you be the primary one to take care of that money. Sit down with your wife and discuss your budget. Discuss who is in charge of what and split the money between the two accounts to take care of each other's responsiblities. It is up to both of you to decide what amount goes where, but once it is decieded what amount is allotted, don't reach over into the others affairs and try to manage that also. This will lead to problems. Keep your view as "our money" and discuss every purchase (within reason of course) and you should do well. Best of luck!