Joint Accounts with Spouse?

[randal]

Originally posted by: GeekDrew
I think it's all a matter of trust, really. They trust each other not to use the opposite account without telling them, and they each trust that the other person isn't going to empty the accounts and bail.

Bingo. So many folks here are brainwashed automatons that swear that all women are evil and exist for the sole purpose of giving head and then cleaning out your bank accounts.

If you hate life, then go ahead and think that. And don't get married. Otherwise, trust your spouse - you -Married- them didn't you?

 

[Ornery]

WTF would you have separate ANYTHING after marriage? WTF is the point of being married, if you're going to have separate accounts etc.? Absolutely ludicrous.

My wife has handled all the bills since the beginning. There's no way I'd even marry somebody who was irresponsible with money. If she didn't take care of the bills, then I would. One or the other, but not both.

 

[radioouman]

Both of our names are on both of our accounts, but we have seperate accounts and seperate bills that we are each responsible for.

 

[TBone48]

Originally posted by: Ornery
WTF would you have separate ANYTHING after marriage? WTF is the point of being married, if you're going to have separate accounts etc.? Absolutely ludicrous.

My wife has handled all the bills since the beginning. There's no way I'd even marry somebody who was irresponsible with money. If she didn't take care of the bills, then I would. One or the other, but not both.

:thumbsup: Agree 100%

 

[DAGTA]

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

 

[DaWhim]

I will give it 3 years before everything is joint. otherwise, something wrong with the marriage

 

[kyparrish]

2 accounts here.

We have 1 that is a joint account. All of my paycheck goes here, and my wife religiously deposits half of her money into this account to help cover our bills and major expenses. My wife kept her own account from before we were married for small purchases such as gas, food, lady products, etc.

I don't have my own checking account, but have a corporate amex and a personal amex that is paid out of our joint account (which also receives my expense checks from work). I pay all the bills through the joint account (which, if you've kept up so far, is contributed to by both of us).

Basically, I want my wife to have a very small fund that she can keep track of. I don't want to have to keep up with her small purchases when I balance the joint account. All large purchases are agreed to by both, if she needs new clothes, she doesn't go blow money without telling me. We've got a good financial trust between each other.

This might sound really complicated, but in practice, it makes perfect sense.

edit: If I didn't have so many work expenses coming in and out of the joint account, we would probably just have one. BUT, it would probably be too hard to keep my wife abreast of what was going on to have just one.

 

[shilala]

Here's how ours works...
I have a wife and two kids.
My paycheck goes into the only account there is.
That money goes toward taking care of our family.
My wife puts her paycheck into the only account we have.
That money goes toward taking care of the family.
She pays the bills.
I make more money than she does.
She works harder than I do.
When we want something, we buy it. If it's big, we discuss it. "Big" around here is anything over 100-200 bucks, I suppose.
If I have a pocketful of money and she doesn't have any, I give her some.
If she has a big wad of money and I'm out, she gives me some.

I guess the key is that when I got married, there wasn't any more "I".
It became "us".
The kids are just more of "us".

 

[ultimatebob]

Most of the financial gurus recommend creating a joint account for shared expenses for like mortgage payments or energy bills. They also say that it's also not a bad idea for both husband and wife to keep a small percentage of their income in separate accounts, mostly so they can buy "wants" like jewelry or a big screen TV on their own. If seems like a good idea to me, since it should cut down on the number of arguements over money.

 

[rh71]

We use a joint bank account and it works out great. We never keep any money in it until it's time to pay mortgage/bills... then we both transfer in our half from our personal accounts. We also have a joint credit card that we use to buy everything that is not for "personal fun". It's paid with the joint bank account also. (Going-out dinners, etc. I gladly pay for.)

Not sure how it's a bad idea.

 

[The Green Bean]

Originally posted by: MercenaryForHire
"Ever" - and there should be three accounts in a marriage - His, Hers, and Ours.

- M4H

QFT

 

[jjoyner]

Originally posted by: Phoenix86

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

But financial issues are the main reason for ~50% of divorces. Given the divorce rate of ~50%, that's 1 in 4 marriages fail because of finances. Perhaps this is a good way to side step that.

Oh he's got a quip fer ya....

 

[jjoyner]

Originally posted by: BD231
Joint accounts are terrible for anything other than spending.

Say you want to get a house, and your spouse has sh*tty credit (or just lesser). Any lender will see the joint account and give you a loan they feel the person with crappy credit applies for. This is if you're using seasoned reserves that are held in you and yours name.

From a credit standpoint it's a terrible idea. From a sanity standpoint it's smart. I'd just be sure to keep any savings sole and separate from eachother.

I call shens...
I had NO CREDIT and my wife had EXCELLENT CREDIT and everything belongs to her now...

 

[jjoyner]

Originally posted by: shilala
Here's how ours works...
I have a wife and two kids.
My paycheck goes into the only account there is.
That money goes toward taking care of our family.
My wife puts her paycheck into the only account we have.
That money goes toward taking care of the family.
She pays the bills.
I make more money than she does.
She works harder than I do.
When we want something, we buy it. If it's big, we discuss it. "Big" around here is anything over 100-200 bucks, I suppose.
If I have a pocketful of money and she doesn't have any, I give her some.
If she has a big wad of money and I'm out, she gives me some.

I guess the key is that when I got married, there wasn't any more "I".
It became "us".
The kids are just more of "us".

Biologically, they were derived from bits of both of you...

 

[jjoyner]

Not sure how it's a bad idea.

We also have a joint credit card that we use to buy everything that is not for "personal fun"

Not sure how it's a bad idea.

We also have a joint credit card that we use to buy everything that is not for "personal fun"

Not sure how it's a bad idea.

We also have a joint credit card that we use to buy everything that is not for "personal fun"

Not sure how it's a bad idea.

We also have a joint credit card that we use to buy everything that is not for "personal fun"

Not sure how it's a bad idea.

We also have a joint credit card that we use to buy everything that is not for "personal fun"

 

[vi edit]

Originally posted by: shilala
Here's how ours works...
I have a wife and two kids.
My paycheck goes into the only account there is.
That money goes toward taking care of our family.
My wife puts her paycheck into the only account we have.
That money goes toward taking care of the family.
She pays the bills.
I make more money than she does.
She works harder than I do.
When we want something, we buy it. If it's big, we discuss it. "Big" around here is anything over 100-200 bucks, I suppose.
If I have a pocketful of money and she doesn't have any, I give her some.
If she has a big wad of money and I'm out, she gives me some.

I guess the key is that when I got married, there wasn't any more "I".
It became "us".
The kids are just more of "us".

:thumbsup:

 

[Ime]

The wife and I have all joint accounts. It's actually worked out quite well, as I have reigned in her free wheeling spending since we've been married.

 

[dawnbug]

Originally posted by: spidey07
Not having a joint account means you aren't really commited to the marriage IMHO.

 

[brunswickite]

Originally posted by: shilala
Here's how ours works...
I have a wife and two kids.
My paycheck goes into the only account there is.
That money goes toward taking care of our family.
My wife puts her paycheck into the only account we have.
That money goes toward taking care of the family.
She pays the bills.
I make more money than she does.
She works harder than I do.
When we want something, we buy it. If it's big, we discuss it. "Big" around here is anything over 100-200 bucks, I suppose.
If I have a pocketful of money and she doesn't have any, I give her some.
If she has a big wad of money and I'm out, she gives me some.

I guess the key is that when I got married, there wasn't any more "I".
It became "us".
The kids are just more of "us".

this makes sense.

 

[Syringer]

Ha, OP got pwned :thumbsup:

 

[SilentZero]

My wife and I have had one for 8 years now and never had a problem. I actually enjoy spending her money

 

[erub]

its only money after all, its not like you can take it with you when you die - isn't marriage supposed to be till death do you part?

 

[PowerEngineer]

It seems obvious (at least to me) that the appropriate arrangement varys with the nature of the people involved. Couples who share very similar attitudes toward money, and are closely aligned on spending decisions are very fortunate and can certainly work with a single joint account. On the other hand, I know too many people married to partners that spend money too freely and/or pile up credit card debt that undermine the family's finances. They certainly need to build some financial "firewalls" to help limit the potential damage. Sad but true...

 

[snooker]

Originally posted by: AccruedExpenditure
I can't think of any reason why I would want to have a joint account with my spouse... Yes, be open with financials, but no... we shouldn't share a bank account/credit card, etc... when is this ever a good idea?

I can't think of anyone who is married and does not have a joint account. My wife and I have a joint account and then we both have our individual accounts as well.

 

[Mickey Eye]

She remembers to pay the bills.