Before you jump into that joint bank accounts band wagon, you have to consider other things beyond establishing love and trust by having shared finances.
When you unite with someone does that mean you have to give up being an individual in some aspects? This has always been a heatedly debated topic.
Should you join accounts just to prove your love and trust? Or is it possible to keep separate accounts and still be happily married? Surprisingly, joint bank accounts have often been the cause of marital discord and all the more reason for distrust and quarrel.
Sharing bank accounts: for richer or poorer
Prior to tying the knot, you have always been responsible for your finances; deciding solely on what to buy and what not. Now that you are married, your finances take a sharp turn and you now need to consider your partner. The two of you will have to buy shared things like furniture, perhaps a car or even a house. This is something serious that can put a dent on your finances. Expenses like this should be shared equally between you two unless the one is more financially stable and willing to share more. Does this mean you should share a bank account? Well, the answer is both a yes and a no.
A bank account that you can both have access to can be a good thing but only to a certain extent. You can both agree that this is an account that you can use to pay house bills and funds that you can use to purchase shared properties and items. The funds from this account can come from wedding gifts and later on each partner can deposit the same amount as a savings for future purchases. This is perfectly fine as long as both partners agree to the limitations this account has. Check you finances together and decide how much you need to put into this account on a monthly basis to pay for bills, mortgages and maybe save for romantic getaway in the future. This can also be your emergency money for life’s little surprises.
That said, this joint account is totally separate from your individual bank accounts. It is ideal that even if you are married you still retain financial independence. Your individual accounts can be your own personal money that you can spend as you wish and even on each other without the other partner putting tabs on what you are spending on. It’s not that you don’t trust one another or love each other less but financial independence can be a positive thing. In Australia, it is now becoming a trend to have one shared account and each still own an individual bank account. This allows them financial liberty while still doing their share in maintaining the shared account.
Often maried couples do not have the same financial capacity and spending values. Most of the time one is a spender and the other is a saver. This can cause marital conflict especially if the saver keeps nagging the spender to spend wisely. Believe it or not, a lot of broken marriages result from bad financial management. Keeping separate bank accounts is more important if one of the partners has a huge sum saved up before the marriage. If you share this account you can end up feeling cheated when the other partner spends bundles on something and this can be the beginning of marital problems down the road. So speak to your financial adviser to better manage shared accounts before you start the entire process.