Should you have a joint account with your spouse?

Should you have a joint account with your spouse?

It is a harsh reality of our existence that we cannot survive without money and this very money sometimes takes away our reason for living. Time has to be witness to strife within families over money matters where near and dear ones have separated for life. Each individual decides whether he or she wants to share her personal finances with her bloodline. But it is not that simple when it comes to marriage; the married couple is always confused if they must share their financial status with their better halves. There is no single rule in this matter, it is a personal choice and each pair must decide for themselves; but here we do attempt to throw some light on the whole issue.

Advantages of Joint account

Whether to have a joint account will depend on how much you trust each other and what your spending habits are.  By being open about your finances you are not only laying a strong foundation for a secure financial future but are also building a base for your relationship and encouraging open discussion about your money matters. You can manage all household expenses from the same kitty and either of you can operate the account and keep track of the expenses at any given time.

It is convenient and much more easy to maintain a single account then several multiple accounts. A joint account also helps in pursuing the same goals more realistically and with greater purpose.

Disadvantages of Joint account

You can never hide your purchases from your spouse; big or small all transactions reflect in your statement and this can lead to a dispute between couples. And if you ever decide to part ways then things can become sticky and ugly.

Advantages of Separate accounts

It is your right to privacy and you can keep your financial matters to yourself. For example, if you are intrigued by the automated trading robot like the Ethereum Code and want to invest in it, you can do it without worrying about your spouse finding out. Your money is completely yours to do what you want and nobody can question you on that.

Separate accounts also mean that both spouses are well versed with the basic banking norms and in the event of death they will know how to handle these matters.

Disadvantages of separate accounts

If you have poor financial habits than a separate account is going to be a disaster as there will be no control over how you spend your money.

Finally, whether to have a joint account or not will boil down to your relationship with your spouse and how much you trust each other.