This is a question that might be plaguing the minds of some about to wed and newly weds. To run or not to run a joint account. I’ve had interactions with some people who are advanced in this thing called marriage and they said they can never operate a joint account with their spouse for some reasons best known to them. Others have said they can and they even maintain a joint account as a couple.
As you can see, there is no yes or no answer. The response to this question is not something cast in stone, and there is no rule that governs whether or not a couple should have a joint account.
If you’re to ask me, what do you think my answer will be? While operating a joint account may show that there is absolute trust in the aspect of finances and it may want to show oneness also, not operating a joint account doesn’t mean there is no trust or the couple are not one. It’s just a matter of preference and what suits them best.
Back to my question. Can I operate a joint account? Well, my answer is yes and no. The reason for this is that even if we operate a joint account for the running of the home and all other necessaries, we can also have individual accounts for other personal stuff. Invariably, a certain percentage is paid into the joint account, while we run the money in the personal account. Like I said earlier, it’s all a matter of preferences and what rocks your boat.
However, if you consider having a joint account with your spouse, there are some things to be considered.
1) What will the money be used for?
2) Who handles and controls the funds in the account?
3) Who drops what percentage?
4) Are you both signatories to the account?
If these questions and any other you have in your heart is satisfactorily answered, then you can go ahead and operate a joint account. At every stage of managing the account, let there be transparency, accountability and communication. Don’t breach the trust of your partner.
Anything you want to add? let’s here from you.