I think one of the major goals in everyone’s life is to be financially stable. No one wants to struggle financially, and not everyone has a desire to be rich, but I think everyone wants to be comfortable. To piggyback off that goal, even though I want to be financially stable by myself, if I were to get married, I would also want both my future spouse and I to be financially stable together. My parents have a joint bank account as well as my sister. My parents have been married for 33 years and my sister has been married for 7 years. To clarify, I find nothing wrong with having separate accounts with the person you are legally bound to, I probably would want some money in an account to the side and my future husband may want that as well. However, when it comes to paying bills, buying things that you both will utilize in living together, and children (if you have some or plan on having some) there should be one “pot” where you both can go to fund those things. I realize and respect the other side of the argument which would be to have separate bank accounts because it’s your hard earned money and not theirs, however, these are 6 reasons I would want to have a joint bank account with my future spouse.
- You are legally bound together, so in case of divorce (if you live in a Commonwealth like me) everything will get split down the middle.
- It shows trust. You trust your spouse to consult you when they want to make big personal purchases as you would consult them if you wanted to make a big personal purchase.
- The basis of marriage is that you’re sharing your life with someone else—finances are a part of life. It’s the idea of what’s yours is mine and what’s mine is yours.
- You and your spouse/partner are in a partnership with one another, and as partners you guys should tackle financial successes or burdens together. (Think Bonnie and Clyde without the crime part…)
- It would eliminate arguments such as: “You used my money for this!” Or “I gave you money for that!” And “You owe me!”If there was a joint pool to pull money out of then there would be no need to be possessive towards the money. On the other hand, like I mentioned earlier, there is also a need to have a discussion with your partner or spouse about what you’re going to spend money on, especially if it is a big purchase. Plus, why should your spouse OWE you money?
- Two incomes are better than one. Neither of my parents makes 6 figures, but together…
I was inspired to write this post because I’ve heard of married couples going half on their bills, having arguments over who owes money for this and that, and it baffled me. It seems to me if you’re going to vow to share your life with someone, why wouldn’t you be willing to share a big part of life (money) with them as well? What are the reasons you would (or wouldn’t) share your bank account with your future spouse or partner?