Should you join your bank accounts after marriage?

Women & finance

Should women opt for a joint account after marriage? Here are a few reasons why we need to think twice.

Should you join your bank accounts after marriage?

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Women today have broken the glass ceiling and claimed their seat at the table. However, many of them are still clueless about how to manage their hard-earned money. That’s because they are told to leave that part to the men in the family.

Historically, women have been excluded from the discussion revolving around finances. In the past, women were not allowed to hold bank accounts or credit cards in their own names. While this has changed over time, a significant portion of women still don’t actively decide when and where their money goes.

There are still gaps in pay and retirement savings between men and women. So it’s not just important for women to get the same opportunities as men, but also to take the money matters into their hands.


Now, coming to the question, should you have a joint account with your partner?

The answer to this question depends on how you plan on using it. The joint bank account is excellent for shared expenses and removes the hassle of splitting bills. However, if you pool your whole earnings into one account that might be a risky move.

In a joint account, each person has the right to spend all the money while both are held responsible for all activity involving the account. So one wrong move by your partner can land you in trouble. Should they decide to go on an impulsive shopping spree, pay off a huge credit card bill, or invest that money into a volatile asset, they would not only lose their hard-earned money but also be equally liable for bounced checks, overdrafts, etc.


Here are a few reasons why it may not be a safe move and can create distress in your relationship.

Your spouse has premarital debts.

If your spouse walks into marriage with financial obligations such as loans, or credit card debt, you must know how they plan to take care of it. It’s great if you want to pitch in and ease off their burden, but that doesn’t you blindly hand over your money. Also, a lack of boundaries may put you in difficult situations where you wake up to find out your partner has charged their personal loan to the joint account.


You look at money differently

Your outlook towards money can be a result of various factors such as your upbringing, your lifestyle, and your aspirations. So your partner and you may not look at money in the same way. You may be a frugal person trying to secure your future whereas your spouse may be a spendthrift who believes in living life king-size. Now imagine having a joint account as a couple and pooling all your money together!


You may lose your financial freedom

Historically, it was common for women to rely on their husbands for financial support, with the assumption being that the man was the primary breadwinner. As a result, many women may have had limited financial independence and control over their own money.

But now that more and more women are entering the workforce and earning their own income, they are becoming financially independent. This may change if and when they decide to pull their finances together. When both partners have independent sources of income and ideas about how they want to spend it, a joint account may make risk one’s financial freedom.

It’s not all a bad news

Whether or not women should have a joint account with their spouse is a personal decision that depends on the couple’s circumstances, values, and preferences. Some couples may find that having a joint account simplifies financial planning and brings transparency in their relationship. Others may prefer to keep their finances separate to maintain a sense of autonomy.

Each partner should communicate openly about their financial goals, expectations, and concerns to determine what works best for them as a couple. Ultimately, the decision to have a joint account should be based on mutual agreement and respect.

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**Disclaimer: The information provided in this webpage does not, and is not intended to, constitute any kind of advice; instead, all the information available here is for general informational purposes only. FPL Technologies Private Limited and the author shall not be responsible for any direct/indirect/damages/loss incurred by the reader for making any decision based on the contents and information. Please consult your advisor before making any decision.

-   OneScore , March 21, 2023

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