Joint Accounts with Spouse?

[AccruedExpenditure]

I can't think of any reason why I would want to have a joint account with my spouse... Yes, be open with financials, but no... we shouldn't share a bank account/credit card, etc... when is this ever a good idea?

 

[spidey07]

Not having a joint account means you aren't really commited to the marriage IMHO.

 

[cbrsurfr]

Makes things easier when one of you die.

 

[sixone]

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

 

[MercenaryForHire]

"Ever" - and there should be three accounts in a marriage - His, Hers, and Ours.

- M4H

 

[AccruedExpenditure]

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

WTF... explain...

 

[LookingGlass]

Depending on your job situation. Have a join household acount, for house expenses, etc. Then you both have two seperate personal accounts. It is easier to keep track of where the money is going.

 

[Phoenix86]

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

But financial issues are the main reason for ~50% of divorces. Given the divorce rate of ~50%, that's 1 in 4 marriages fail because of finances. Perhaps this is a good way to side step that.

 

[compuwiz1]

Actually, it's been shown that people who have separate accounts are less accountable to each other for their financial actions. I could see not having joint accounts, is both were completely independent of each other financially

 

[iamwiz82]

We have only a joint account. We simply tell each other when one another needs/wants to purchase something.

 

[LookingGlass]

Originally posted by: sixone

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

I disagree. If one of you uses a debit card, persay, and the other doesn't know about it, those withdrawn funds are not known to the other person, until later. That can cause issues, and problems. I had a bank manager tell me, he and his wife, have seperate accounts, and the household account.

 

[shilala]

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

I can't even believe it's a question.

 

[DBL]

How would you decide who pays for what? Not having a joint account sounds like a PITA.

 

[iamwiz82]

Originally posted by: DBL
How would you decide who pays for what? Not having a joint account sounds like a PITA.

Well YOU owe me 43.56% of the mortgage this month, plus I just bought dinner, so it's your turn.

Sounds like a recipe for arguements to me.

 

[compuwiz1]

Individual accounts lend themselves to the loose cannon syndrome.

 

[DBL]

Originally posted by: Phoenix86

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

But financial issues are the main reason for ~50% of divorces. Given the divorce rate of ~50%, that's 1 in 4 marriages fail because of finances. Perhaps this is a good way to side step that.

..or make financial problems a hell of a lot worse

 

[DBL]

Originally posted by: iamwiz82

Originally posted by: DBL
How would you decide who pays for what? Not having a joint account sounds like a PITA.

Well YOU owe me 43.56% of the mortgage this month, plus I just bought dinner, so it's your turn.

Sounds like a recipe for arguements to me.

That's what I'm saying. Direct deposit to one account and pay all bills. Transfer agreed upon entertainment funds to separate accounts to do with as you please. Leftovers can be pooled into a variety of savings methods (MMA, ROTH, Stocks..etc.)

 

[spidey07]

Originally posted by: iamwiz82

Originally posted by: DBL
How would you decide who pays for what? Not having a joint account sounds like a PITA.

Well YOU owe me 43.56% of the mortgage this month, plus I just bought dinner, so it's your turn.

Sounds like a recipe for arguements to me.

Yeah, it gets real ugly, real quick.

A lotta of my buddies fell for that trick "having a joint account would be bad"

Those couples fought CONSTANTLY about money and eventually divorced. But they were doomed from the start because they weren't really commited to each other. A marriage is a union and if you're too blockheaded and stubborn to merge finances that says a TON about the level of commitmenet.

 

[DBL]

Originally posted by: LookingGlass

Originally posted by: sixone

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

I disagree. If one of you uses a debit card, persay, and the other doesn't know about it, those withdrawn funds are not known to the other person, until later. That can cause issues, and problems. I had a bank manager tell me, he and his wife, have seperate accounts, and the household account.

Uhh, you realize that a household account is a joint account?

 

[LookingGlass]

Originally posted by: DBL

Originally posted by: LookingGlass

Originally posted by: sixone

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

I disagree. If one of you uses a debit card, persay, and the other doesn't know about it, those withdrawn funds are not known to the other person, until later. That can cause issues, and problems. I had a bank manager tell me, he and his wife, have seperate accounts, and the household account.

Uhh, you realize that a household account is a joint account?

I also said this earlier, yes, I do realize that.

Originally posted by: LookingGlass
Depending on your job situation. Have a join household acount, for house expenses, etc. Then you both have two seperate personal accounts. It is easier to keep track of where the money is going.

 

[Xylitol]

Dont just in case
JUst have names that are similar like Lolawiz and iamwiz or w/e

 

[BD231]

Joint accounts are terrible for anything other than spending.

Say you want to get a house, and your spouse has sh*tty credit (or just lesser). Any lender will see the joint account and give you a loan they feel the person with crappy credit applies for. This is if you're using seasoned reserves that are held in you and yours name.

From a credit standpoint it's a terrible idea. From a sanity standpoint it's smart. I'd just be sure to keep any savings sole and separate from eachother.

 

[GeekDrew]

I think that the way two of my friends do it is best.

They have two checking accounts, both of their names are on both accounts.
Man keeps the checkbook & debit card for account 1. Man's paycheck is direct deposited into account 1. Man pays all of the routine expenses (monthly bills, food, etc).
Woman keeps the checkbook & debit card for account 2. Woman's paycheck is direct deposited into account 2. Woman pays for entertainment, gifts, large purchases, etc.

If something happens during the month that one or the other of them is going to run short, they just transfer money between the accounts. If they transfer money, it's noted in both account records at the same time, so both of them know what their balance is at all times. The only reason that both of their names is on both accounts is because they want the other person to be able to use the account if they needed to do so. They just will not issue checks from the other person's checkbook, except in emergency (i.e. when one of them becomes suddenly hospitalized, etc)... they are still fairly young, and that's happened before... I can think of a couple of times that they would have been screwed had they not had both names on both accounts.

And they have savings, mortgage, etc., in both names, as well.

I think it's all a matter of trust, really. They trust each other not to use the opposite account without telling them, and they each trust that the other person isn't going to empty the accounts and bail.

 

[Shadowknight]

Given the cases where spouses have run off after cleaning out the entire joint account, I couldn't see having a joint account as a good idea.

 

[EatSpam]

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

I group the joint bank account issue along with your wife taking your last name. They're minor things that show commitment to the marriage.