Money is one of those things that can make a situation go south quickly. People in relationships argue and fuss all the time. Most disagreements come and go. Financial disagreements come and set up camp for a while.
Relationships are often driven by emotions. Financial decisions are often driven by logic. When those worlds collide the fallout can be truly cataclysmic. Just ask Jon and Kate of the now infamous TV show “Jon and Kate Plus 8″ (see above video).
So what do you think? Have you had a joint account? How was your experience? Would you do it again?
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I have never had a joint account but I am sure I will someday soon enough. The way I look at is that once you sign your name on that line on the marriage certificate, you have committed to each other financial. I would hope that if you have gotten to the point of marriage, you would know and expect your SO’s spending habits. Of course arguments over money will happen but a joint account is about trust. If you can’t trust someone with $10k in a checking account, would you want to trust them with your future children (possibly) or with the next 50 years of your life (possibly)? That said, I think marriage is overrated.
One of the main reasons for divorce in the US…MONEY. I do have a joint account with my lady, its for the bills, the house, our meals together and whatever else we do together. I spend my own money on my own things and she does the same for her things. That way when the bill comes around at the end of the month of our joint credit card we’re not fighting over the fact that I played golf 3 times and she got 8 pedicures. Works out pretty good, we’ve talked about joining all the money and I wouldn’t have a problem with it.
I’ve had a joint account with a lady friend and we had no problems. We put in enough money to cover the bills, food, and any extra items that we would both partake in. I think it is just a matter of knowing your significant other and how you both are with money.
Why is marriage overrated?
I would only have a joint account to pay for joint things (bills, mortgage, meals). I will never have a joint account with all my money. I agree marriage is overrated, but you don’t have to be married to live together and have a joint account.
I, personally, believe that marriage is a defunct system. Now, we could delve into the sociological implication of why marriage has become a “norm” but I would rather keep it laconic and simply point out that the main underlaying reason the American society continues to push marriage and why it is illogical. Tax breaks. Why are we giving a group of people, who are more often than not benefiting from a dual income, a tax break? Why does the “single” individual get screwed with the lack of deductions? And then we have a whole culture of people in this county who don’t get to benefit from this at all because they are gay? I’m sorry, marriage, by this definition, makes no sense and I dislike prescribing to it.
WERD
Also by this note, in Europe couples live together for 20+ without getting married; have kids and do whatever all without a license. Also our culture has pushed marriage down our throats like it’s some kind of right of passage to being an adult. And don’t get me started on women (families too) and $30k weddings…. ugh
I love it. The woman says, “I want to get married”. The man responds with, “Okay, let’s head on down to the court house.” The woman responds, “But I want a wedding!!!!” The man responds, “Well, do you want to get married or have a party?” I call this “Princess For a Day Syndrome” or PFDS and I personally believe it should be classified as a mental disorder in the decisional categories.
Id only do a joint account if i were married. However, the joint account would only be for communal items (i.e. mortgage, life insurance payments, etc)
Well to my understanding, Married couple tax breaks are catered to because it is “believed” that couples generally do more for society. Singles are more frivolous in spending and less helpful to those without.
My single lifestyle of “frivolous” spending helps to keep a lot of private companies in business.
HAHAHAHAHAHA
Mine does as well.
Less helpful to “those without” meaning their own children.
So they get a break per kid and because they have the potential to take care of kids. LOL, what a crock.
Trust is a definite issue in this situation. I don’t think having a joint account is a bad idea. Like the others have stated, just have to make sure that other person is trustworthy as well as yourself. What if it is you that have the problem and the other party has put in all that money? All of a sudden…you catch the fever, start sweating, and begin hearing that song in your head….were in the money…were in the money!!!
I would have to agree with most of the responses posted: having a joint account, married or not, is about trust & communication between the two. My experience with a joint account has been fairly well …it’s used for communal things primarily & other occasional things as well. It’s also reflective of one’s integrity and their sound sense of responsibility. Can’t be trusted with the funds? Can’t be trusted with much else either.