Joining Bank Accounts?

posted 3 years ago in Money
Post # 3
Member
650 posts
Busy bee
  • Wedding: June 2014 - EDD 06/12/2016

@mrspinesol:  if you guys trust each other with that kind of stuff and you KNOW you will be engaged soon and get married then I don’t see a problem! FI and I joined bank accounts a few months ago when we were going to buy a house (deal fell apart) and we kept them together since we will be married in 8 months anyways.

Post # 4
Member
2831 posts
Sugar bee
  • Wedding: September 2014

open a joint account with him. but DO NOT close your individual account. keep it, with some money, forever. my parents have been married almost 30 years. they have their joint accounts, and they each have an individual account or two.

Post # 6
Member
931 posts
Busy bee
  • Wedding: June 2013

I honestly wouldn’t until you are actually married.  But that is just me, I know many others who have had a joint account before that and it has worked out fine.  Just legally you are both protected more once you are married.

Post # 7
Member
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

@mrspinesol:  Personally, I’d never feel comfortable joining bank accounts with someone that wasn’t my husband.  You just never know what could happen and you don’t have the same legal protections you do with marriage. In fact, my husband and I don’t even have joint bank accounts – we have 1 joint savings account for big purchases, our future house and our daughter.  Our other accounts remain separate.

If you are looking for ease of paying bills, etc. then I’d recommend just having 1 joint account specifically for bills that you both contribute an equal percentage of your pay check from.

 

Post # 8
Member
1822 posts
Buzzing bee
  • Wedding: May 2013 - Pavilion overlooking golf course scenery, reception at banquet hall

I’m not sure if there are legal procedures when unmarried people share bank accounts and then split – I would say a good rule of thumb is to only keep enough in the joint account that would not catastrophically affect you if you lost it. (perfectly nice SOs turn into dickbags all the time, sad to say – just read a handful of the Emotional board here!)

I’m married, and we both agreed to have individual accounts for ourselves just for “what if” (and it doubles as a good emergency fund – can’t spend from the account you don’t carry a debit card for)

Post # 9
Member
811 posts
Busy bee
  • Wedding: March 2013

We got a shared account after becoming engaged……for house expenses, etc.  For me, I told myself if I had any concern about sharing money with him, then we probably shouldn’t be engaged.  IT just made paying rent and bills and buying groceries easier.  We both kept our individual accounts though. 

 

Post # 10
Member
2783 posts
Sugar bee

@mrspinesol:  I think that if you’re going to join accounts you need to make sure that you’re both on the same page as far as spending/saving goes. We merged accounts a few months ago and it’s been fine

Post # 11
Member
272 posts
Helper bee
  • Wedding: June 2014

Definitely keep your own account in addition to the joint account, even if it’s only $20 you keep in there. I would recommend still having your pay cheque go into your own account and transfer the money out to the joint account. I’m speaking from experience on this one. Even if you trust your bf with every ounce of yourself, you need to have that account to keep some independence. 

Post # 13
Member
509 posts
Busy bee
  • Wedding: October 2015

@mrspinesol:  It sounds like you already share bills and have joint finances (if you only make $200 / month, he must be paying your bills, right?). In that case, I don’t think you need to keep a separate account with just $200 in it – that seems a little pointless. But before you close your account, please have a discussion with him about your goals for spending and saving… you want to definitely be on the same page.

Post # 15
Member
9137 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

Keep an individual account with your direct deposit and only deposit an agreed upon amount into the joint account.  You’re not married yet and you should keep the safety net of a separate account for just in case things don’t work out.  It’s being financially secure and responsible.

Post # 16
Member
9412 posts
Buzzing Beekeeper

@mrspinesol:  I think it is important to have financial independence. I will never allow myself to be in a situation where I am dependent on anyone. Shit happens and you need to be prepared. I’m a realist at heart – no one who got divorced entered their marriage knowing it. I’m happy to share assets theoretically but if everything goes to hell, we will each leave with what we came with. 

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