Pros and cons of Joint Bank Account with Your Partner 

Pros and cons of Joint Bank Account with Your Partner

The major contributing factor for the failed marriages pertains the financial matters. Regardless of the bank balance and all that stuff that I don’t give a damn …cos we have enough money...Every pair at some point is going to fight about money. Money issues have always become the primary reason for the failed marriages.  What do you think that couple should have their joint account or not?

Should you be happy about controlling your spend together or will you feel restricted?

In today’s advice we try to solve this money maze for you! Read on.

Major pros of joint accounts after wedding- 

1. You can have easy access to and can withdraw funds whenever you need them.

2. Cuts down lengthy process of legal paper work,,

3. You can easily keep a track of the expenditure..

Cons of joint bank account after marriage:

1. Financial independence is lost

2. If one of the spouses is working and other is dependent, then it is problematic

3. Extremely problematic if the couple decides to separate

With this sorted, let’s dive into silly mistakes couples make with their finances and how a joint account can help:


After the tying of nuptial, it’s mandatory that you talk about the wedlock as a common identity, rather than the independent unit. The day to day expenses may be difficult and overwhelming to control. Just stay strong and let your boat sail smoothly. If both of you are not comfortable in managing the account together, then its better you don’t merge. There is no need to rush the things. 


Bad debts are the root cause and major reason that most of marriages get a crack. Actually, it becomes the common problem of both the partners. If one of the partners is in bad debts, to help the partner, it becomes the responsibility of the partner. This situation is unavoidable. Look for the ways to pay off the bad debts without any delay further. If your partner has a debt before marriage and you don’t have a joint account together yet, get your assets protected from your spouse’s creditors through a prenup agreement and then seek methods on how you can pay off the debt.

You are a white elephant (spendthrift) - spending money aimlessly- one can’t save for both 

There are two kinds of the purchases- daily and the big purchases. The former is usually managed by the wife, whereas, the latter is solely on the husband. Both of you should sit comfortably to plan about all the expenses, rather than spending lavishly. The over expenditure is another root cause behind breaking of the martial relations. Unplanned and unconscious spending is the second most common reason why couples fight. 

Risky investments are not my ball game – keep your eye off our retirement savings!

This is a proven psychological concept that men are the risk takers while the women they play safe. You both should sit down and talk about the investment plans. You can get expert advice from the financial planner for expertise advice. In this way, the share of the joint account would be divided among both of you.

It’s ok to keep the little financial secret 

dear bride, while lying about your tiny purchases will do no harm, big secret trading or gambling can ruin your marriage. Keeping transparency helps especially when it’s about money matter. Joint accounts control your spends to an extent that keep you safe from jail terms at least. Think about it!  

We both earn well – there is nothing to worry about

If you’re the perfect kind of couple with a perfect career, perfect living and have absolutely no apprehensions about debt, there are chances you could be unprepared for emergencies. When all things go well and suddenly a financial mishap occurs, even the perfect kind of couple tend to panic! It is advisable to keep an emergency stash of 3-6 months aside for such uncalled for circumstances. What better than a joint account with your spouse or a money-market fund.


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