topic Re: Joint or separate accounts? in Community Chat

Joint or separate accounts?

SnowPink — Sat, 21 Feb 2015 16:28:25 GMT

Do you and your spouse have joint checking/savings accounts or separate? Please explain why.

Re: Joint or separate accounts?

Preds — Sat, 21 Feb 2015 16:30:53 GMT

Separate. Because we want to.

Re: Joint or separate accounts?

Lucky Charm — Sat, 21 Feb 2015 16:44:37 GMT

Joint. Because I want to.

Re: Joint or separate accounts?

Feng Shui — Sat, 21 Feb 2015 16:46:27 GMT

Separate by mutual decision.

Re: Joint or separate accounts?

Another new name Sue — Sat, 21 Feb 2015 16:47:42 GMT

It's good to have joint because if something happens to one person, the other has easy access to the account to pay bills, etc.

Re: Joint or separate accounts?

minkbunny — Sat, 21 Feb 2015 16:48:37 GMT

Several accounts, some joint - some not.

Some personal, some business, some in my name as Treasurer of an organization I volunteer with, etc.

Because that is how we roll.

Re: Joint or separate accounts?

Vamp — Sat, 21 Feb 2015 16:59:18 GMT

We've been married over 20 years and have always had joint accounts. I can't think of any reason to have separate accounts. We get a better deal at the bank if we maintain a higher minimum balance (free checks, etc).

Re: Joint or separate accounts?

emmysmom — Sat, 21 Feb 2015 17:14:06 GMT

My accountant says, ALWAYS separate accounts! My ex wrote a check and cleaned out our account, not informing me..and I had a mess of checks come back returned and all the fees with it. That was the end of that. This was many years ago. Lesson learned. I'm single now so used to one account~

Re: Joint or separate accounts?

tansy — Sat, 21 Feb 2015 17:26:20 GMT

Back 43 years ago we opened up a joint account. I don't even remember discussing the possibility of separate accounts.

Logistically, it seems easier to reach agreed upon financial goals if the money's in one pot. For whatever reason we don't argue about money.

Re: Joint or separate accounts?

Vamp — Sat, 21 Feb 2015 17:31:23 GMT

On 2/21/2015 tansy said:
Back 43 years ago we opened up a joint account. I don't even remember discussing the possibility of separate accounts.

Logistically, it seems easier to reach agreed upon financial goals if the money's in one pot. For whatever reason we don't argue about money.

We don't argue about money either, and I don't expect either one of us will clean out the checking account. That may sound naive, but I know the man I married. He would never do that to me, nor would I do it to him, regardless of the circumstances. Of that, I am sure.

Re: Joint or separate accounts?

brii — Sat, 21 Feb 2015 17:38:33 GMT

Both.

We don't think of our money as just his or just mine though. It's all ours.

Re: Joint or separate accounts?

esmeraldagooch — Sat, 21 Feb 2015 17:40:03 GMT

Funny thread... Joint.

Re: Joint or separate accounts?

4Kicks — Sat, 21 Feb 2015 17:42:00 GMT

I give him cash when he needs it.

Re: Joint or separate accounts?

evelomaddict — Sat, 21 Feb 2015 17:42:09 GMT

both.

Re: Joint or separate accounts?

evelomaddict — Sat, 21 Feb 2015 17:43:10 GMT

On 2/21/2015 brii said:
Both.

We don't think of our money as just his or just mine though. It's all ours.

us too. how's your foot?

Re: Joint or separate accounts?

brii — Sat, 21 Feb 2015 17:46:29 GMT

On 2/21/2015 evelomaddict said:
On 2/21/2015 brii said:
Both.

We don't think of our money as just his or just mine though. It's all ours.

us too. how's your foot?

It's broke. LOL

Have to go back Wednesday for my cast. I'll be in that for 6-8 weeks. I'm pretty much grounded, eve.

It doesn't hurt so much though.

Re: Joint or separate accounts?

KittyLouSoutenu — Sat, 21 Feb 2015 17:50:20 GMT

I like separate accounts where I get to control both checkbooks.

Re: Joint or separate accounts?

Preds — Sat, 21 Feb 2015 17:51:26 GMT

On 2/21/2015 KittyLouSoutenu said:
I like separate accounts where I get to control both checkbooks.

As it should be!

Re: Joint or separate accounts?

qvcfreak — Sat, 21 Feb 2015 17:51:30 GMT

We had joint account and it worked. My aunt on the other hand has separate, they started out as joint but my Uncle likes to spend and spend which is why now for the 20 plus years they have separate accounts.

Re: Joint or separate accounts?

LilacTree — Sat, 21 Feb 2015 17:52:03 GMT

Both times I was married, we had joint accounts. My first husband took everything. However, when my second husband and I separated (married only two years) he announced that "our" money would go to his son's college tuition first because he was the oldest. It was stupid of him to give me warning.

Having been burned once already, I immediately went down to the bank and withdrew only my portion of the money in the account. I was lucky he didn't get there first because obviously he would have withdrawn the whole account, just as the first one did. He also forged my name on our tax return refund, and the lawyers refused to do anything about it because he was a fellow lawyer. That included my own lawyer who told me "I don't get involved with IRS issues."

I never married again, but IMO, if both spouses work, they should have separate accounts and then a "house account" jointly where each would deposit the money for the mortgage, utilities and common expenses of the home. Clothing, cars, and other personal expenses would be kept in separate accounts.