‘Should i consider sharing a joint account with my spouse?’ This is one of the questions that is a dilemma to many couples. Managing and choosing the best account are also some of the issues couples need to go through before settling on sharing a joint account.
Can you fix a spendthrift spouse? Research suggests that conflicts in marriage are money, sex, religion and in-laws and one may want to fix money first before trying other permanent solutions.
What are the steps to consider before sharing an account with a spouse
1. What’s your trust level
This is very important because all your hard work and sweat might be deposited in this account and since every individual will be responsible to do withdrawals, transfers etc you might want a trustworthy spouse.
2. What are the advantages and disadvantages
If you are not fully comfortable with sharing a joint account with your spouse, then don’t. If you are not in the relationship for the long term then issues of the financial arrangement that will occur after a separation are not worth the hustle.
3. Are there rules on how money should be spent
Some couples go for the option of not withdrawing money when the other party is not there which might be very tricky if it is an emergency and the other party is not there. What is the solution to this? Identifying clearly the use of the account will help manage the money.
A joint account might be for mortgages, saving for a trip, everyday expenses etc.
The key factors to consider are
-how much will each person deposit
-how often do you deposit(weekly, monthly)
-how do you make the transactions