Am about to open a joint account with my spouse but am not really feeling like. 
in Love+Relationships by 1 3 11

Before i jump to my answer i would like to tell you human beings change, and when they change things happen. For me i don't think its a brilliant idea for you to open a joint account with your spouse. We all know finances can cause mayhem in a relationship or marriage when there is a disagreement. Joint accounts are a recipe for disaster for sure. We know men are not good mangers, especially when it comes to money matters. A woman will not entrust a guy with her money that's for sure. I can name a few disadvantages 

1- A woman may want to do certain things for the home that the guy will deem unnecesaary at that point, she won't be able to get the funds because they both have to sign.
2- There is the thought of one partner working away from home what if there is an emergency and one partner is far away what happens then.
3- Remember we are all different from one another one may be a spendthrift and the other a saver, hhat cannot work because the saver will suffer.
4- You both have to be on the same page always otherwise you will not agree. Better have your own account and buy what you think is needed not unless its an investment you want. For investments joint accounts will work perfectly there there is no disagreeing you just have to agree.
I've never had a joint account with anyone and I like it that way mainly because if a relationship goes wrong, and with the best will in the world they sometimes do, who's to stop one party emptying the account? There could also be arguments about how much one or the other is spending. I personally feel it's best to have your own account so if you have any doubts you shouldn't open a joint account.

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Normally married couples have a joint account together. However, that doesn't mean that you still can't have your own bank account. You don't need to add all of your earning to this account. A few advantages of having a joint account are:

  1. It makes it easier to pay the monthly bills.
  2. You don't need to use multiple accounts when buying or paying for items in the store or online.
  3. If you are planning on buying a home, a joint account is a good idea for the bank. 
  4. Many men are terrible with a bank account and paying bills. A joint account makes it easier for you to take care of everything.
  5. If you have your checks directly deposited into your bank account it makes it easier to handle one account and not two.
  6. With a joint account, you can now see what the other person spends the money on. This can help you to create a monthly budget for your home.
  7. If one of you dies and you each have an account it makes it harder to get the money from the account in the end.
However, there can be issues with a joint account:
  1. One person adds more money to the account and the other one seems to spend more than he adds.
  2. People don't always tell each other when they use a debit card, therefore, it is harder to keep the account balanced.
  3. If you don't have some sort of ground rules and how to report spending on a joint account this can lead to many problems.
  4. At times this could lead to fights because one person is an overspender and they are spending too much in the account and there isn't enough money left over to pay the bills.
There are good points and bad points on having a joint account. If you are planning on this it is a good idea to have some ground rules set in place. This can help you to balance the account and make sure the funds are there when you are ready to pay the bills.
by 6 24 64
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Thanks for such a nice answer. You have covered almost every advantage and disadvantage of having joint account. 
Thanks for your answer. You almost listed every thing. Really it will help others.
0 votes
Well, if you trust the person that much then go for it, however you never know what people turn into only after a few months.

I am a very "safe" person, so I would rather have my own account. That way I know exactly what goes on with it.

Finance is a very particular thing and fights over money often hurt couples, regardless of where you are in the world. Money disappears, "ohh, you are spending all my money", "ohhh where did our money go this month"...I have no patience with that kind of thing. What if the person disappears with my money one sweet day?

Good luck, I would NEVER trust anyone (except my parents) to have a bank account with me.
by 3 16 43
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In my case case I personally don't advocate for joint accounts. The reason being opening joint account with your friend, family or partner has more demerits than merits. I will mention just but a few:

(1) Human beings will remain human beings and they have proven not to be trusted. So personally I can't trust any human.

(2) Joint accounts can't be reliable in case of an emergency. This is because according to my understanding about joint accounts you can't make any transaction or withdrawal without the other person or party or a strong reason for their absence.

(3)In case of separation; it will be difficult to access your savings 

(4) Decision making in terms of how to spend your savings may take long since you will not always agree, you will differ in terms of opinion hence time consuming. The list is endless.

So in a nutshell I don't advocate for joint accounts 
by 1 4 13
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Our main and absolute goal as husband and wife is to be totally debt-free. Pay off the mortgage as quickly, in your power, as possible. A joint account will definitely make that happen. Each of you must keep accountability of each other in check, in place and in order.
by 5 7 16
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It has both advantage and disadvantage in opening joint account. If you both are in distance, in some cases withdrawal needs both of your presence in some banks. Both can take care of the account easily.
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