Between husband & wife, should there be 2 separate bank Account?

Question

Practically we have no need for 2 accounts. But is that needed to have separate accounts? We are soon going to be married. What do you do? Please advise.

Answer 1

We do have separate accounts, But both our names are on each account..We both know whats going on in each account money wise..It works fors us :)

Answer 2

Ask any woman who has gotten into a lousy marriage and can't get out because she has no money----man, that is terrible. A personal account would be a great idea---and no one elses decision.....men are not in control of money---marriage is a 2 way deal. And you still have a right to do WHATEVER you want---no one controls you Anyone who says you can't have a personal account is setting you up for a disaster. Be smart and be practical----now if you marry the person--good luck and have a great life.

Answer 3

When my husband and I first got married we had seperate accounts. At first it was no big deal but when I became a stay at home mom and had the money sitting there (as savings b/c it was money given to me by my dad for college) he started to resent the fact that I had my own money and was using his for bills. We had quite a few fights over the fact that I had 2,000 just sitting there that we could be using. You also get sucked into having 'my money' and 'your money'. Now we weren't in financial peril or anything we were doing quite well too. But once we combined our accounts (and opened a savings account) we were both much happier. I would wait until you're officially married though otherwise there's paperwork for changing your name.

Answer 4

Yes. That way, each person can manage his own account, without having to keep track of what the other has been doing. You will need to divide up the routine bill-paying duties between the accounts. Some couples use three accounts -- his, hers, and theirs, but I think that is going too far. In my case, both accounts are at the same bank, and can be managed electronically by either of us.

Answer 5

Depends on what you prefer. My mother and father in law keep completely separate accounts, they are really strict with it, one day the father agreed to loan my brother in law (their son) some money and it was easier for the mother to transfer it to the son's account because it was the same bank and there was this huge discussion between the parents about when and how the father was going to reimburse the mother because the father was the one that did the lending... having said that my husband i have joint accounts, it is easier that way because i am in charge of all the bill paying etc so its better for both of us to have access to the accounts, its also this way because my husband has absolutley no interest in handling the money and prefers to leave it to me (believe me, i have tried to get him involved)... my point is... it depends on you, sit down with your partner and discuss your needs and preferences and find something that works for you...

Answer 6

A marrage is based on trust and sharing...paying the bills together is sharing that responsibility. Being responsible to spend money wisely is also part of marrage. Having two bank accounts just does not fit into this picture. One is all you need.

Answer 7

It is a personal decision really. Some don't some do. Some people feel very strongly about it either way.
My husband and I have separate account because he has a business; he writes me checks for the bills and stuff and I deposit it in my account and pay our bills.
I like having my own account and so does he. We both work and contribute to the household and savings equally, the rest is our own money to do with what we please.

Answer 8

not only should there be two separate bank accounts, but there should be one joint account. you have yours, your partner has his or hers, and then you have one which you have together. couples take a BIG risk putting everything into one account. because if things go sour in the relationship...one partner can clean out the account and leave the other with nothing. each partner should maintain his or her own account in the relationship (and his or her own job making his or her own money).

Answer 9

I think three accounts are good. One private one for the husband, one private one for the wife and one joint that everyone contributes to and pays household bills with. Everyone shares in joint bills an equal amount and everyone shares the work load.

If one person comes up short or is unemployed or sick, the other person can pull up slack but it should be understood from the get go, these things are ours and everyone contributes to it.

It is also good to have autonomy in a relationship too. Keeping credit in your own name is a good thing if someone should die. Depend on each other but not too much. Death is a terribly surprising terminator and you don't want to find yourself helpless and with no way to take care of yourself.

Answer 10

When we had one account....he spent all my money.
We now have two, one is ours and one is mine. Since I usually have the more stable income mine is split between the two accounts. His goes into the joint one and I try to pay the bills with it. Most of the time it works, sometimes it doesn't.
But at least two accounts is a must. Three accounts his, hers and ours would be ideal.