JOINT ACCOUNT

Yours, mine or ours?

Discussing money or finances is not a topic couples like to discuss. It can lead to a fair amount of stress in even the best relationship. 

You and your partner may be considering opening a joint bank account but neither of you wants to suggest it. You worry it may generate some misunderstandings in the future and you would not want to be the one blamed for suggesting the idea.

Is this enough reason for a couple not to explore the benefits of this account?

Joint account is not so different from a standard account, except that the two of you own the account. You pay shared household expenses such as mortgage, car payments, utilities and groceries from the same place. Withdrawing cash, writing checks and making online payments from one account also allows both of you to see how the money is being spent, you budget together as a couple.

Joint accounts helps to plan and save toward shared goals or projects such as a new home, a vacation, a household project or a new car. 

This may be one of the greatest gift a man can give his wife. A joint bank account can be a convenient way to handle day-to-day transactions or take care of loved ones. But opening a joint account, has potential pitfalls as well. Rights of ownership is one drama that often crops up during marital discord. Another pitfall is the rights of ownership when couples are no more and the children do not agree on equal sharing rights.

So, is the joint account good or bad?

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