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I'm really curious about this. Do you two have joint OR separate bank accounts?
I assume most married couples have a JOINT acct. With my parents, my dad made the money & my mom made her own too most of the time, but all their money went into the joint bank account in which bills, etc. were paid. I know of course that not all married couples do it this way.
My fiance' & I so far have our own accounts that we've always had, but we have a joint one too. When we get married, we'll close the separate accounts. Or if we want multiple accounts, BOTH our names will be on them all.
Maybe the spouses like to do things separate for tax purposes, maybe someone's in too much debt & they don't want their own money tied up w/ their spouse's bad money habits, etc. I really don't know all the purposes of a married couple having separate accounts. If it's just because the husband (or wife) is controlling & wants to be able to do what he (she) wants without the spouse knowing then that's their business if they want a marriage like that.
Last edited by Forever Blue; 12-03-2016 at 01:37 PM..
My DH and I have been married for 25 years. We kept both accounts, but put everything in both names as soon as we got married.
BUT--from the very start, we have almost always agreed on how to handle money. If I had been marrying someone whose attitude towards spending, saving, and investing was totally opposite from mine, I would have kept my accounts separate from his. I can think of nothing that would have been more distressing to me than watching a spendthrift eat his way through all of his money, and mine too.
Ideally, I'd probably want my own separate account(s), but also have a joint account for both of us as well.
That way, each of us would be responsible for our own spending habits, but also be contributing to the joint account for both of us. That would be what I'd want, and to me, would sound fair.
We have our "own" accounts as we both have retirement incomes but all accounts are also joint on paper. We just don't mess with each others. My wife transfers money to my account for household bill paying purposes each month.
If a couple are married it doesn't really matter whose name is on which accounts because unless it's wealth or an inheritance from before the marriage it is all community property (or community debt in the case of loans or credit balances) in the eyes of the law. Even the equity earned on sole and separate property is considered a community asset and would be subject to division in the case of a divorce.
Why get married to someone you don't trust with money?
Joint personal checking and savings accounts, that we feed money into from our respective business accounts as needed. We also have separate accounts for our properties, (his properties and associated bank accounts are in his name, my properties and associated bank accounts are in my name) mainly to keep taxes, escrow, and expenses easier to track.
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