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Often this topic is approached with various views by the parties involved. Some couples like to merge their bank accounts, others keep them separate, and some have a mixture of both. When maintaining a joint account, you can simplify record keeping and lower maintenance fees. However, this can be more difficult to keep track of your money when in a joint account, and two individuals are actively using it.
Another option may be to set up a joint account for shared household expenses and separate accounts for personal spending. Whichever decisions you and your partner make as a couple, be sure to discuss it as early as possible in the marriage.
Pros of Joint Bank Accounts
Easier record-keeping and lower maintenance fees.
A clear view of where the money is spent and where there may be opportunities for savings.
Cons of Joint Bank Accounts
More difficult to keep track of how much money is in a joint account when two individuals have access to it.
Hard to keep spending on surprises or gifts a secret.
Pros of Separate Bank Accounts
Allow each spouse to have an individual degree of freedom over their finances.
Both spouses must be responsible for their accounts and budgets.
Cons of Separate Bank Accounts
Less visibility into spouse’s accounts and spending habits.
Difficult access to funds in times of emergency unless paperwork is filed in advance.