Should Couples Combine Bank Accounts? | The Frugalista

Should Couples Combine Bank Accounts?

by frugalista on February 3, 2011

So, I ran across this Slate series, exploring whether couples should put all of their money into a joint account , if they should keep an account to themselves or have a combination of both. I was immediately fascinated. No, I’m not married, but I don’t think it’s ever too soon to think about such matters.   It takes a large amount of trust in today’s modern world to share all of your money in one pot. It’s kind of funny to consider that a big deal, given that marriage is a pretty huge deal, also. It seems natural that if you want to be together for the rest of your life, you should clearly want to share income. But, money is power. It is.

I chatted with my mother, who was married for decades, about the topic. Her response? Mom says that all couples should go to financial counseling before they get married. Also, in a perfect world, the couple will respect the money that they earn and be able to keep everything in a “common pot.” But if not…keep your own account.

If you are a person who is getting married later in life and have accumulated a nest egg on your own, would you want your mate to have access to all of it?

I don’t know what I would do. Ideally, it would be nice to see all the money in one pot. We are a couple. We shouldn’t hide things. But the first time my spouse started questioning why I felt the need to buy my department store foundation, I’m going to wild out!

What do you think? Should couples always share their money in one account? Should they have a joint account with their personal account? Should each person in the marriage keep his or her own account? Talk to me!

D.C. Atty, Flickr

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