Marriage is the legally or formally recognized union of two people as partners in a personal relationship, specifically between a man and a woman.
Traditionally, when couples get married they tactically merged their money. This serves as a symbolic gesture of showing the union of two people in one unit. However, research has revealed that more than 42% of people in marriage with joint accounts also operate separate accounts. Should we now say operating a joint account with a spouse is a blessing or a curse?.
Interestingly, operating a joint account has its pros and cons. The symbolic gesture gives access to money whenever its needed as both party has the right to deposit and make withdrawals at will. Also, there is little or no way of encountering financial surprise as you both know when money goes in and out of the account.
To some extent, it also builds up the level of trust you both have for each other. Trust plays a significant role in the overall happiness of the couple as marriage is a lifetime commitment. Spouse feels more comfortable to know that he or she is committing to someone he/she can trust and confide thoughts, feelings and worries to.
Despite its pros, having a joint account (s) with your spouse can also result to loss of financial independence especially early in marriage. In a related development, it can also give rise or bring about rift in marriage especially when they don’t tell each other what the money withdrawn is used for.
While interacting with married couples on this contentious issue, to my amazement few people were in support of Joint Account especially the female folks. At this point, what is trust in a marriage?
Opening a Joint Account is not a bad idea, but there must be some laid down rules to make it work.
There should be an agreement between you and your spouse on what percentage of your monthly take home should be dropped into your Joint Account and also the money has to be used for the purpose it was meant for, which may include house upkeep, payment of school fees for the children and every other things to be attended to in the house. In fact, it saves the hassle of sending money to each other and also makes it easier to keep track of your joint monthly spending.
Then the remaining percentage can be used for other personal matters. This in turn will make your home stronger as you will both feel responsible. No doubt, you will both trust each other and you will also discover that you will live happily.
