Married couples can choose to maintain separate accounts and also open a joint account in which they deposit a portion of their income that they both agree on. This way, you both enjoy the benefits of a joint account while still maintaining the independence of divided finances.
I once read that having separate bank accounts only makes it easier for a couple to split up finances when they eventually divorce.
...
Opening Separate Bank Accounts
Everyone needs at least one checking account and should consider one savings account too. Couples often maintain a joint checking and savings account for the family's finances — mortgage payments on one hand, and the emergency fund on the other — while maintaining a separate checking account for personal expenses.
But 77 percent of Bankrate's married survey respondents said they share at least one bank account with their partner—this response comes mostly from Americans with an income of $75,000 or more. That's why before joining financial forces, it's crucial to have a chat about money.
That means technically, either one can empty that account any time they wish. However, doing so just before or during a divorce is going to have consequences because the contents of that account will almost certainly be considered marital property. ... Funds in separate accounts can still be considered marital property.
One of the negatives of a joint account is that you might not always know what is in the account. Since both spouses have unrestricted access to the account, you could end up overdrawn if your spouse makes purchases and fails to tell you.
The money will remain inaccessible during your lifetime, but upon death, your spouse can access it by simply showing proof of your death to the bank. But if you die without making such a designation, your personal bank accounts will likely need to go through probate, especially if the balance is significant.
If you opened a savings account during your marriage, it's technically a joint account. even if it's in your name alone. Your spouse gets a portion of it. How much may depend on whether you live in a community property state or an equitable distribution state.
Here are eight ways to protect your assets during the difficult experience of going through a divorce:
His recommendation: Couples should stash a total of 10% to 15% of their household earnings, rather than their personal earnings, in retirement accounts. Once you and your spouse have worked out how much to save, dig into the strengths and weaknesses of each of your plans.
They invest in stocks, bonds, government bonds, international funds, and their own companies. Most of these carry risk, but they are diversified. They also can afford advisers to help them manage and protect their assets.
The common reason for each spouse wanting their own bank account is the desire for independence as all three examples demonstrate. There's no greater feeling than being free to do whatever you want with your own money.
Yet No Comments