Individual Bank Accounts In Marriages Can Alleviate Financial Problems
Working together to establish a money management system for the family can alleviate many financial problems
Benefits of Individual Bank Accounts In Marriages
A night out with some friends turned into an almost heated discussion about money in relationships. The question went around over whether married couples should have their own individual bank accounts along with a joint account. One of my friends was adamant against the idea of his wife having her own bank account, and felt that since marriage is a union, everything in it should be joined together, including finances. I had also had friends who felt that if their partner had individual bank accounts they would be spending money on things their spouses would not know about, creating an air of distrust in the relationship.
No one can deny that financial issues continue to be one of the main problems within marriages and is also one of the major contributors to divorce. Either someone has not been making enough money, has been mismanaging the money, or has been stingy with the money. Sure in these hard economic times that we live in, couples and families must be shrewd about their spending habits, but in a relationship where both partners work, money issues can be decrease if the partners shared an account together and had their own individual accounts.
Having individual bank accounts can benefit a relationship because both partners can set aside money to do what they would like to do without dipping into the money that belongs to household savings or bills. Each partner can work out a percentage of their income that must go to savings, bills and emergencies, and a percentage that they can use in their own personal way. This can minimize or eliminate financial power struggles within the marriage. One partner is not in charge of all the money, but both partners have equal share of the money in the joint account as well as their own individual money to use. It also eliminates a partner being accused of spending money on things that the other partner feels is frivolous or unnecessary because they're buying from their own personal account.
Saving individual banks accounts are also beneficial to have in case the marriage does not work out. Couples that live in personal property states can retain monies in their individual bank accounts without them being considered for use from the other spouse in case they decide to divorce. The money that's in an individual account is not considered joint property.
It is important that couples thoroughly discuss how money will be handled in the house hold before living together. They may find that while also enjoying a joint account, it can also benefit them if they set up separate accounts. Doing so can lead to less complications when it comes to money matters in the relationship.