Should married couples have separate banking accounts?

Answer 1

It's a catch 22. If you have separate accounts, you can do things more independently and there's no huge hassle if divorce happens. If you combine things, you both have to be careful how you spend but it's a commitment tool that shows trust.

I had separate banking from my wife - now we are ex's and I'm glad I did that. But if I trusted my partner, I'd put her on my account.

I guess it all boils down to how much an individual would lose if divorce happened.

Answer 2

I think there should be a separate account that each person has for their own use providing you are both working. There should be a joint account for all bill payments, mortgage/rent, car payments etc. that you both contribute too. There should also be a joint savings account that you both contribute equally too.

But - the fuzzy line exists when the wife no longer works to stay home & raise the kids (if that option is available) as she can no longer contribute to the financial running of the home. A woman in this situation feels a little more comfortable having a little bit of her own money that she can use as she wants without having to account for it.

It all depends on your relationship. Do you both feel comfortable with joint accounts? Do you both trust each other that one/or the other won't go & blow it all on something frivilous whether it be a new car or a new couch?

Answer 3

For some married couples a separite bank account works better for them when others have joint bank accounts. It all depends on the people and what works for them.

Answer 4

I'm not married and have never ben but I think there should be a joint account and then if you want a personal one then both of you have one. It's just something that I think will work for any situation just as long as both parties come up with how much money will be put into the joint account.

Answer 5

Only if they don't expect to have as large a nest egg in their retirement years. How many companies have the employees writing checks on the company checking account? If you are building a future together and want the ability to be able to take off on a cruise, take a flight to Italy, or buy that retirement property in the sunny state when you reach 65, it requires living on and adhering to a budget. A budget that has one bookkeeper is easier to maintain and increases savings. Take it from someone who knows by experience. It doesn't mean that one person controls another's life. It just means that you both will be aware of how much money you have at all times. Remember, when you get married it is no longer mine and yours, it's ours unless you don't believe in an equal partnership!

Answer 6

My parents had the most trusting marriage ever, but they each had a separate account in addition to the joint accounts. This helps in budgeting, mom got more in her account becasue she bought groceries and household goods. Also, if you buy your spouse something it has more meaning than if the money came out of the joint account. I share an account with my wife, it works for us. Either way, you need a budget that you agree on together.

Answer 7

Personally, I see nothing wrong with couples keeping seperate accounts, provided there is also a joint account contibuted to for the needs of maintaining the home and other usual expenses. If either person wishes to have a seperate account devoted to personal wants, like special clothing, that hot roadster, or what not, if it's agreeable between the spouces, why not?

Answer 8

In my opinion they should...along with a joint account that takes care of the incoming bills of daily family living. It's nice to have one's own money when one wants to go shopping rather than having to "justify" the expense. Plus there is more money come vacation time if the couple wants to "pool there resources" Having sepearate bank accounts also works well during seperation/divorce. Because I had my own account outside our joint account I got to keep EVERYTHING in it

Answer 9

We split the bills and had separate checking accounts that way as long as each pull their own share then there was no fights. Two people one account is a recipe for fighting.

Answer 10

My knee jerk answer is no, but life is not that simple. Not all people are fiscally responsible. Most people are childlike when it comes to money, they don't understand it's value and have no idea where it comes from or where it goes. If both partners can not be responsible adults, separate accounts might be necessary to control the offender.