The benefits of a couple having joint accounts

Unlike couples of decades gone by, many couples today have complicated finances, which may prevent them from taking out joint accounts with each other. Issues such as credit card debt, mortgage loans and child support payments can be become even more complicated if attached to a joint account. However, having two separate accounts could breed financial dishonesty and resentment. It is important a couple discuss how they will conduct their finances as a married couple, before they are married, so both parties know where they stand.

Logistically speaking, having the money from both people going in to the one account is much easier. Joint accounts mean both husband and wife know how much the household income is and when it is paid in to the account. Holding joint accounts also means both parties can be responsible for paying the bills, as you will both have a debit card for the same account. With separate accounts it is harder to keep track of what is being paid from where and when. A joint account is one statement and one set of direct debits, so the couple can tell at-a-glance how much money they have or need.

If you do not want to have joint accounts as your sole account options than you could both keep separate accounts, while still holding a joint account. The idea behind the joint account is that you both pay an agreed amount in to the joint account each month or week. This account can than hold the necessary income for household bills and other payments, while your separate accounts are for yourselves. This is ideal if one half of the couple has a lot of debt that they are still paying off as this will come from their personal account. This gives you both the benefits of joint accounts as well as separate accounts.

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