3 Reasons You Should Not Have Joint Bank Accounts

Ahhh, the sweetness of romance.

Mr. A. and I will be celebrating our 19th wedding anniversary this month. And I am very thankful that we have a great marriage and friendship (he thinks so too…most of the time). Now, that’s not to say that we have not had any disagreements over the years, because we have. But even then, we have respectful discussions that don’t include talking about each other’s momma or any of that shenanigans. And surprisingly, during our time together, I cannot recall us ever having an argument over money.

The topic of money is often the source of conflict among couples. According to a 2018 MarketWatch article, disagreements about money led to divorce among 41% of Gen Xers and 29% of Boomers surveyed.

Recommended reading: Tips for Talking to Your Partner About Finances

So how is it that Mr. A. and I managed to prevent arguments about money after so many years of marriage?

Here’s how…we acknowledged and accepted each other’s differences when it comes to handling money. Also, until recently, we maintained separate bank accounts and divvied up the bills. You see, my husband is a savvy spender. If there’s a deal to be had, he can find it, and he enjoys the hunt. I, on the other hand, am a saver who would much rather spend my time updating the budget spreadsheet.

And even after we decided to join our funds, we kept separate accounts for our individual spending. This way, all the bills get paid on time and we each have our own fun money. Another important thing is regardless of who pays for what and where the money is kept, we have open discussions before making large purchases.

Now, I know that some people are firm believers that once you’re married, everything should be joined together. But here are three reasons why you may reconsider having joint accounts:

• You and your spouse are polar opposites whenever it comes to managing money
• There’s uncertainty about the stability of the relationship
• Your spouse is involved in a legal matter that could subject the account to be wiped out or seized

Of course, the decision to join or not to join bank accounts is like all other areas of personal finance; it depends on your circumstances. Do what works best for your individual situation.

And take whichever route leads to peace and contentment in your household.

“Love doesn’t make the world go around. Love is what makes the ride worthwhile.” ~Franklin P. Jones