POLL: Joint or separate account?

I'm just curious... have you and your FI talked about having a joint and/or separate banking account?  If you're having a separate account, what are the pros and cons of it?  I've just started thinking about this recently and was wondering what most couples do....

Posted on August 15, 2008 at 3:56 pm
meilleure2
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04/12/2008
meilleure2

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(12) Comments

Sarahinwonderland
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10/17/2009
Sarahinwonderland

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Well Fi and I share accounts already. I figured that since marriage is a forever thing we should not have to worry about "my" money or "his" money. It will be "our" money. I see how a lot of couples may get into trouble if the relationship does not work out, but that should not be a thought that crosses the mind when you are about to get married. I believe the best way to do it is to have separate accounts but to join them. This way I can keep track of the money that he spends and the money I spend.       

Posted on August 15, 2008 at 4:13 pm
badgerbride
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06/13/2009
badgerbride

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Same as sarah...We plan on opening a mutual account this coming week. There's no point in keeping a separate accounts when all the money's going to the same place in the end. But I also understand wanting to keep separate ones too....depends on income, spending habits, etc.! good luck!

Posted on August 15, 2008 at 4:23 pm
pinkgerbers
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07/26/2008
pinkgerbers

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We are having 4 accounts - joint checking, separate checkings, and joint savings.  Our paychecks will be deposited into the joint account with an equal amount per month automatically put into our separate accounts.  That way we can buy gifts without the other immediately noticing and we can buy the personal splurges without bugging the other.  If I want to save up to do something extravagent I can. The only issue with that is the negotations we are currently undergoing as far as what comes out of joint and what comes out of personal accounts (ie. my hair.  It costs a lot more than his barber shop cuts for my highlight and cut at a salon.)  In the end, though, I think it will work best.

Posted on August 15, 2008 at 4:54 pm
LAMB2009
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05/30/2009
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Fi and I have have had a joint checking account since we got engaged... (over a year ago). Personally, I love it. It makes paying bills easier... because he does it for "us". haha But I know alot of people that don't, and it works for them. I even know some married people that don't even share an acct. If you are going to do it after the wedding anyway, maybe you should do it now so that you have one less thing to do when you get back from your honeymoon. Good luck!

Posted on August 15, 2008 at 4:55 pm
prbetsi75
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05/08/2010
prbetsi75

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We've discussed this and we will have one joint account for our shared expenses, but we will also each have of our own account.

Posted on August 15, 2008 at 4:55 pm
sswedding
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08/22/2009
sswedding

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For us, we're doing a joint account for all the wedding stuff since we're paying for it ourselves. After we're married, we'll keep a mix of both joint and separate accounts for different things. Depending on your state, which bank accounts you share or don't share may affect you legally as to what is and is not community vs. separate property. This matters when it comes to inheritance, reversions of gifts and the never say "d" word. In some states, if there is a joint account and you share everything, then you have comingled funds and will have to support each other as such; even if you survive off inheritance and not based on just what you earned during the marriage. Just the very brief legal perspective :) I highly recommend speaking to an estate planner to help set up all your finances as well. I know its dry and boring, but having been in litigation over such things [due to death] and its really complicated. Its much easier to just get things rolling down the dry, cynical legal path from the get go. Good luck!

Posted on August 15, 2008 at 5:04 pm
maniandme
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04/29/2007
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This is what works for us, we have a joint checking/savings acct and our own individual accts. Our paychecks are direct deposited into our individual acct. We have a set amount which we both put into our joint acct monthly to cover mortgage, car payments, bills, groceries, and any unforeseen expenses. We have a set amount that automatically goes into our joint savings every month..


The $$ thats left over in our individual accts. belongs to us individually to spend which ever way we like....


 

Posted on August 15, 2008 at 9:38 pm
TheChicBride
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08/28/2010
TheChicBride

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We have both. We have a joint checking account which we use to pay all household bills. We have a joint savings accout that we use to save money for family vacations, renovations, etc. Then we have our seperate accounts.

Posted on August 15, 2008 at 9:41 pm
neebelung
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09/27/2008
neebelung

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Right now we each have 2 individual accounts (1 checking and 1 savings, each).  Once we get married, we'll add 2 more accounts - a joint checking and a joint savings (and we'll do things the way maniandme described above).

Posted on August 17, 2008 at 2:24 am
margaret
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09/22/2007
margaret

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We combined our accounts. To me, it feels more like we're marriage (ie. one unit) if our finances are also shared as well.


On the other hand, some of my good friends have completely separate accounts from their husbands and it works out fine for them. One person's reasoning is that she doesn't want her husband to "watch over" her spending if once in awhile she wants to treat herself to a nice dinner with friends or a designer handbag.

Posted on August 17, 2008 at 2:46 am
beatie
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10/11/2008
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Funny this should be a post now...we just opened a joint account yesterday! :)  We may keep separate individual checking accounts for our personal monthly "splurge" money but we're not sure.  It's strange but doing that yesterday definitely made if feel like we were one step closer! :)

Posted on August 17, 2008 at 4:13 am
JustAnothrBridezilla
4
09/13/2008

JustAnothrBridezilla

Fi and I alread share a lot of accounts we have a money market thats tied with a checking and savings that we share  this is the money that we use to buy our home and invest in furture properties, remodel and wedding fund.  We also have the same situation at another bank as well but this money we don't touch ever. Its for something important but we just don't know what yet.  We also share 2 credit cards.  But we also have 1 account each that is just ours.  We each have a checking and savings.  This is where we deposit our money to pay bills but we have not joined them b/c we each have our own system.  Although we have eachothers passwords and access to those accounts.  So if I'm out of town and the insurance bill is due and I usually take care of it he will go into my account and pay it.  Its easy since we pay everything online :)

Posted on August 17, 2008 at 4:26 am

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