Joint or Separate Accounts

[robbboy2003]

I commend you Dblack for stating your wifes strengths,and most importantly having rules as a family for finance. It is so much better with a plan,than without one. Much props to you and yours and Be Blessed!

Originally Posted by DBlack

But bottom line is that if you have accounts that the other doesn't have equal access to, that is a part of you that you desire or need to be separate from your spouse.

Now that's a good point. I don't see why my wife shouldn't have access to money in my seperate account- and vice versa- because anything could happen where she or I might need to access that money in an emergency. Like I said, if I marry her I'm going to trust her as I trust myself. BUT, that's only in an emergency. The money in said account shouldn't be touched without proper authorization. I wouldn't go into her purse and take money out without asking. That's a respect issue.

Originally Posted by RanRan

Now that's a good point. I don't see why my wife shouldn't have access to money in my seperate account- and vice versa- because anything could happen where she or I might need to access that money in an emergency. Like I said, if I marry her I'm going to trust her as I trust myself. BUT, that's only in an emergency. The money in said account shouldn't be touched without proper authorization. I wouldn't go into her purse and take money out without asking. That's a respect issue.

Perfectly said. That's about as far as the whole "equal access" thing goes IMO. We'll have all the info. we need to access one another's accounts, but only in emergencies as Ran stated.

[ImaJon]

In our household the accounts are joint even retirement accounts. I manage them and keep the wife informed to status. For us this situation has worked for the 30 plus years we've been sharing lives. Of course trust is a big part of the equation as well.

If both are employed and it's feasible, separate accounts may be beneficial. Every relationship has it's own flavor so what works for some may not work for others.

[Samoon]

Joint AND personal accounts. I like to know the status of the money at all times.

[darkreign]

in my first marriage we had to have separate accounts. and everything the say about money being the number one cause of problem in a marriage is true (as it pertains to mine) but this second time i had to get that ironed out. there is no mine and yours. but my first wife was materialistic and i wasn't. she was only happy when we had money to do and buy things. we were missed matched but stayed together out of habit which imo is the wrong thing to do.

Originally Posted by ImaJon

Every relationship has it's own flavor so what works for some may not work for others.

True. And I think someone has already said this but I'll echo it anyway, that it is best to talk about and decide these things before hand. Now if my wife was dead set against seperate accounts with a valid reason, I'd leave it alone because it's not that important to me. I just think things run a bit more smoothly when you don't have to consult with someone about personal purchases.