![]() Joint accounts also foster financial transparency. This can add stress to an already stressful time. If your accounts are separate, then you’ll probably need documentation that proves you have a right to the money, and you might have to go through probate before you can touch the funds, Nolo reports. If one spouse dies, joint accounts usually give the survivor immediate unrestricted access, according to legal website Nolo. There is a lot to be said for joint bank accounts. I think that’s the secret sauce for a happily married financial life.Įven if you keep your finances separate, there’s no way to avoid talking about money with your spouse. But we stay in our own lanes for the day-to-day stuff. I talk about money with my wife, and we make big financial decisions as a couple. We can look at each other’s accounts if we want to, but we generally don’t. Over the years, when one of us has made substantially more money, it’s been easy to transfer funds to support the other.īest of all, I don’t have to weigh in on the new bike helmet she wants, and she doesn’t get to have an opinion about how many dresses I need to own (a lot). In a pinch, either one of us can access the other’s checking account. We have a joint savings account for reserves and another that we both contribute to for mortgage and property taxes. We each have our own checking account as part of a jointly-owned credit union account. My wife and I have come up with a version of this approach. Each spouse has a separate account, and both contribute to a joint account to pay household bills. Some couples take a “yours, mine, and ours” approach to personal finances. Over the years, however, our separate accounts have given us both the freedom to have a little fun with our own money, while still being financially accountable to each other. To my wife, this seemed like a slap in the face. I had decided to pay down some debts and improve my financial IQ, and I knew I needed a separate checking account to learn money management. Our money separation felt harsh at first. They can't live solely as somebody's partner."įor many couples this happy separation extends to their finances, as well as their social lives. "People need to have a separate life and existence to feel validated as individuals. "Every good marriage is based on an awful lot of separation," Steven Nock, a professor of sociology who studies marriage at the University of Virginia, told WebMD. ![]() For me, that meant separating my money from my wife's. ![]() Over time, I found that I needed more breathing room than the close embrace of early love allowed. ![]() When I first got married, I thought my spouse and I were supposed to be attached at the hip in all things. Account icon An icon in the shape of a person's head and shoulders. ![]()
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