• Fair, Anderson Langerman

Should You and Your Spouse Have Joint or Separate Bank Accounts

When two people get married they agree to share their lives with each other. They promise to love, honor, and comfort each other for better or worse. These are solemn vows that people should take seriously. The only question that the vows do not answer is how much is shared?

When a man and a woman have established themselves as adults before getting married they are used to having control over their money. They work hard for what they want and try to pay all of their bills responsibly. Most adults maintain checking and savings accounts, but when they get married should the couple have one bank account or should they have two? There are many reasons that a couple should have a joint account and there are also many reasons that they should maintain separate accounts.

The Importance of a Joint account


When a couple has a joint account, both spouses have access to the money that is in it. They can both sign the checks that are tied to the account and they can both withdraw or deposit money into the account easily. Most of the household bills are the responsibility of both people who live in a home. It does not matter whose name the bill is in, both partners have a need for the services. A joint account is often the best way to handle the household bills. Both members of a couple should be contributing to the account that pays these bills. A joint account is the best way to handle this, but it can cause problems when one partner uses the money for something that it was not designated for.

Turn to Separate Accounts


A two income family is very common. If the husband and wife work, they will both feel entitled to spend the money they make as they please. That is where a separate account makes more sense than a joint account. The holder of the separate account has the control over how the money is used in that account. They decide if they have enough money to do what they want to do. When a married couple uses separate accounts in conjunction with a joint account that is used to pay the bills it can make both parties much happier. The number one reason people argue is money and this combination can help prevent some arguments.

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© 2019 by Fair Anderson & Langerman