Should they take out a joint checking account after marriage?

  • Share This
Evelyn Carpenter

Cecilia Estay

The stress of choosing the perfect wedding dress or selecting the wedding decorations for the big day is a thing of the past, because once you have been declared husband and wife, and with the wedding rings already on your fingers, your day-to-day worries will be different.

Are you thinking about opening a checking account? If so, don't miss the following article.

What is a joint account

Daniel Candia

Also known as account for couples This is a modality in which both persons are co-owners of an account That is, they can contribute and withdraw money from it.

You will find different plans according to each bank and, in that sense, you will have to choose based on your needs, income and goals For example, only for associate recurring household expenses, However, if you wish to use a checking account, you may want to build capital and achieve long-term goals If you have a savings account, it's best to manage it.

In any case, you will have to decide if you prefer a joint account The bank requires the signatures of both co-owners in order to withdraw money. Or indistinct The only requirement is the signature of one of the co-owners to do so.

Points to consider

Maria Bernadette

In order for the theme to work and not regret exchanging your gold rings a few months later, you will need to to talk calmly and reach agreements for example, if they are willing to merge their income, even if they are different and how to do it The salary will be 50/50 or a percentage depending on the salary of each person.

In addition, they will have to setting common priorities for household spending They always respected each other's opinion, just as they did when they chose the wedding ribbons that their guests liked so much.

Also, once the decision to open a joint account has been made, you will need to establish, for example, whether you want the payment of their respective salaries is made directly to the latter But, if they don't take this option, then they will still have to agree on a deposit date and set a deposit amount that each will pay into the current account.

What the experts recommend to couples with similar spending levels, is to follow the following model:

  • Open a joint checking account, apart from one's own bank accounts .
  • Defining household expenses and other items that will be covered by the joint account (dividend, utilities, groceries, travel), either through the credit cards associated with the joint account or with cash from the joint account.
  • Determine the monthly amount necessary to cover the totality of these expenses, to be paid by each member of the couple, according to the amount agreed upon above.
  • Own expenses (clothes, shoes, gym, mobile phone bill), to be covered individually by each person.

Advantages

Daniel Esquivel Photography

If you had a hard time deciding between one wedding cake or another, you're probably also undecided about getting a joint checking account. Therefore, it's a good idea to review some points in favor that this modality implies.

  • Centralized expenses : to have only one place to deduct common expenses helps to sort out finances and look at a single statement monthly expenses versus monthly income Remember that both co-owners can have associated cards to make the necessary payments.
  • Increased savings another advantage is in savings on account maintenance In addition, evaluating different factors according to each case, will be able to access benefits For example, some banks will offer discounts on the maintenance of the account if it is associated with the payment of remuneration.
  • More communication and engagement being in mutual agreement about how to manage income improves communication, due to the degree of negotiation, planning and decision making. And since both will have a voice and a vote at the moment of disposing of the resources, increase commitment to the family project they are forming.
  • Success financial problems are unfortunately one of the causes of divorces, if you are a woman, you will be able to learn to manage this factor together success as a couple in this area, which is still a very important very important in marital coexistence .

What if it's better not to?

Zimios

Finally, if they finally decide to not having a joint account after the posture of silver rings, all the above-mentioned benefits will be lost. However, will maintain the independence of when they were single If this is what they are looking for, they will not have to give explanations of their bank movements which, in some cases, could generate conflicts in the couple.

But not only that, because problems will be avoided in the event that one is very thrifty and the other rather spendthrift. .

Nevertheless, if you don't want to miss out on this opportunity you may find it convenient to continue with separate accounts and open a joint account only for long-term savings or only for paying household bills.

Many couples may not think about or delve into family finances before the engagement ring, but it's certainly a very important part of a relationship, so if you don't want to be taken by surprise, talk about it as you look for your wedding decorations ahead of the big day.

Evelyn Carpenter is the author of the best-selling book, All you need for your marriage. A Marriage guide. She has been married for over 25 years and has helped countless couples build successful marriages. Evelyn is a sought after speaker and relationship expert, and has been featured in various media outlets including Fox News, Huffington Post, and more.