Separate Or Joint Bank Account?

Discussion in 'Not Sure Where it Goes' started by Cody Fousnaugh, Oct 31, 2017.

  1. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
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    Starting the first year we met, and we were engaged, I've given my wife my paycheck to put into her banking account. After we were married and got my back-tax problem taken care of, she had me put on her account. That was fine with me. At that time, she was still paying back a college school loan. Today we have one account with both of our names on it.

    Now, on the flip side of that coin is my half brother and his wife. They have separate accounts, because she likes to give more money to her church than he wants to.

    What do you think about separate banking accounts when married? We definitely don't do it, but many do, for whatever reasons, of which I am somewhat curious about.
     
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  2. Chrissy Cross

    Chrissy Cross Veteran Member
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    My daughter and SIL have both, plus business accts.

    Certain things are paid out of certain accts...mortgages etc.

    No accounts are secret, it's just that it works the best this way for them. They have lots of bills and also income.

    It gets complicated and they have a financial advisor and an accountant.

    It's simple for me now...just my acct but did have joint with husband when he was alive.

    Didn't have joint with my ex but he paid for most things which he insisted on doing...fine by me. :)
     
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  3. Holly Saunders

    Holly Saunders Veteran Member
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    We both have separate Bank accounts...and...separate CC accounts...
     
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  4. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
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    We have CC accounts for myself and my wife, but some of the CC, we each have one.

    So, you spend what you want and he does the same? When it coms to food and household bills, who pays? My brother loves buying tools, and he does, with his money. She buys things she wants with her money.

    Separate banking accounts is something wife and I could never figure out why a married couple would have.
     
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  5. Holly Saunders

    Holly Saunders Veteran Member
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    Yep we each spend what we want ...


    he pays the bills... I pay for the shopping and I buy the clothing for both of us... we go halves on flight fares and the cost of holidays..

    However if I need something for example some expensive work on my car..he will pick up the bill because he can afford it more than me..I never ask him to , he just offers...

    I decided right from the get go that I would have separate accounts in this marriage, because my previous husband was a gambler (unknown to me until 4 years into the marriage), who stole all of our money and left us up to our eye balls in debt..and after throwing him out, it took me years to try and get back all my good credit while trying to raise my daughter alone..

    This husband is not a thief...nor a gambler... but the horror of losing everything (except the roof over my head) to bailiffs will never leave me, and I wouldn't ever trust anyone else..

    never again will I put myself in that position...
     
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  6. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
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    Totally understand and respect your feelings. It’s very good you think that way and your husband understands.
     
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  7. Yvonne Smith

    Yvonne Smith Very Well-Known Member
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    I can totally relate to what you are saying, @Holly Saunders . My first husband (the kids’ father) was an alcoholic and then became a drug addict later, as well. I had never even been around anyone who drank before I met him; so I had no clue that it was any kind of a problem until it was way too late.
    He wrote bad checks for his drugs, and when the drug dealers couldn’t cash the checks, they showed up at our front door demanding money, or threatening to burn the house down.
    I sent Robin to her grandmother’s to keep her safe, and Michael was seldom home anyway; but I was still terrified, plus had no way to make up the bad checks so the bank closed our account. One of my cars was burned by the drug dealers, and the van that his dad had given to us was traded for drugs. I felt like I was living in a nightmare !
    Bobby and I have separate accounts because we each have our SS check coming into our own account, and we each pay part of the expenses each month.
    It seems actually safer this way, what with all of the identity theft going on. Even if one of the accounts was hacked, they would not be able to withdraw everything we have since it is in two different accounts.
    Another thing to consider at this stage of life, is that one of us could die, and then the checking account might be involved in probate or whatever, which is a reason that separate accounts might be safer.
     
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  8. Lon Tanner

    Lon Tanner Well-Known Member
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    I have a joint checking account with my daughter who is my only child and heir. It was set up in the event that I become mentally or physically incapacitated.
     
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  9. Kitty Carmel

    Kitty Carmel Well-Known Member
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    I don't allow the cats any access to my finances.
     
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  10. Chrissy Cross

    Chrissy Cross Veteran Member
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    You don't? :)

    Pickles has access to my finances, it's gotta stop though...he's spending too much on doggie treats. :)
     
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  11. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
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    I can, but at the same time, can’t understand about separate accounts. I mean, wife and myself have been married twice before without any serious financial problems with our ex’s.

    When I told my wife how I wound up owing some State and Federal taxes, we were married with full-time jobs. She helped me pay the back taxes and I helped her pay off her college loan.

    Today, neither of us buy anything without letting the other know what is being bought. We would never think about having separate accounts. But, that is us.
     
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  12. Kitty Carmel

    Kitty Carmel Well-Known Member
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    LOL! That would be my worry. Cats online ordering stuff. Like I don't buy them enough myself!
     
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  13. Ken Anderson

    Ken Anderson Veteran Member
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    We have joint accounts but my wife is usually the only one who knows the passwords. Personal expenses are generally paid for out of our separate PayPal accounts.
     
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  14. Babs Hunt

    Babs Hunt Veteran Member
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    We have a joint checking and savings...and I have a separate checking account too.
     
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  15. Sheldon Scott

    Sheldon Scott Very Well-Known Member
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    We have joint accounts on everything. checking, credit cards and our investment account.
     
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  16. Gloria Mitchell

    Gloria Mitchell Very Well-Known Member
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    Joint accounts....do not see the point of seperate accounts if married...except when one spouse is a terd head and you have no choice.
    I handle all finances, insurances, retirement accounts...the works.
    However, sometimes being the CEO of things do get overwhelming.
     
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  17. Babs Hunt

    Babs Hunt Veteran Member
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    I opened a separate account for me when my husband kept writing checks or debiting money out of our joint account and forgetting to ink it in the check register. I'd get so frustrated with this that we finally decided I should open another separate account. Into this separate account goes my SS check, half of my husband's work paychecks and two thirds of his SS check (which is direct deposited to our joint savings account). From our separate I pay all our monthly expenditures and have some spending money of my own. My husband has his spending money in our joint account (which he has to balance every month) and the joint savings account gets fed one third of my husband's SS check every month. This works well for us and there is no more frustration over checks or debits not being inked in anymore.

    Different strokes for different married folks...but as long as it works for each of us then it is the right thing for each of us. :)
     
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  18. Anna Peters

    Anna Peters Member
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    My husband and I have a joint accout and he's added me to his credit cards. The seperate accounts thing didn't even cross our minds. I guess we're both old fashioned in that respect.
     
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  19. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
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    This is how we feel and my wife is the CEO and CFO of us.
     
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