colourmeyellow : I work in finance and I would NEVER give up my own accounts. I have encouraged my Fiance to keep his own. Because:
If you have joint everything, you are at risk for having a little or damaged credit report. In Canada, banks report joint debt to the credit bureau under the name who signed it first on some products (like a mortage). On most contracts the man signs first. If the woman signs second and doesn’t keep her own accounts, she is “invisible” to Equifax and Tranunion.
When he dies, or if they divorce, it’s very hard for the woman to establish credit since all of her stuff was reported under his name. Which means she might be unable to get a new home, a loan, a car, a job…
100% joint credit is a TERRIBLE idea. It has nothing to do with trust or believing your love will last forever. Even if it does last forever, one day the husband or wife is going to die and the surviving spouse is screwed.
We each have our own chequing and savings account, plus one joint account. Each of us gets our pay in our own account.
We have seperate credit cards, plus one of my cards which he is added as an “authorized user”, so he has a card for that account to use for any purchases for our home (but it’s only reported to my name with the credit bureaus, I am 100% responsible for the debt). All our monthly bills like home insurance and phone go onto that card.
Every two weeks we split the bill 50/50, and he sends me his quarter of the rent which comes out of my account.
We keep a joint account for monetary gifts addressed to both of us.
If a cheque is made out to John Smith AND Jane Smith, neither party can deposit that cheque to their solo account.
Through my work I’ve spoken to many annoyed couples who got wedding cheques they couldn’t cash, because if they didn’t have at least one joint account they couldn’t cash the cheque. Plus they can’t cash the cheque until Jane has changed her name.
I always tell people to issue the cheque to one person for that reason.
Either issue it to the brides maiden name, she won’t be changing her name immediately. Or issue it to the groom. Not both of them. (Of course some twits get offended. “Aunt Myrtle didn’t address the cheque to both of us. She doesn’t support our love. What a bitch! Wah!”