Not to be negative, but isn't opening a joint checking account dangerous?

I'm such a romantic at heart, but since about 50% of couples crash and burn, isn't this just adding extra headaches?

Even if you are completing each others inner child and what not, wouldn't it still be good to establish two positive financial histories?

What are some of the advantages I'm missing?

YES! There is a fine line between love and a restraining order. You better know a person very well, before you hand them your money.

If a the couple is married the credit and history will be reported jointly. If the couple is not married, it may be a better idea to have three accounts, a his/hers/ours situation. That way some money is sheltered but the burdens of joint life are covered.

It does beg the question, why are you in a relationship that might have a joint bank account if you do not trust the person with your money? I trust the love of my life with everything I have and am, otherwise I would not be there, and she feels the same.

Maybe we are just lucky...

Well the point of a joint account is convenience. It is so both members have the funds readily accessible to them. Joint accounts are created for folks who trust each other, if you don't trust them you probably shouldn't be sharing your money with them.

Speaking from personal experience, there is some danger in a joint account. My first wife cleaned me out for over $100,000 when she split on me. The second wife was only able to get $3,500 when she left me. Next time, no joint accounts and no wife. I've learned my lessons. Actually, I've bought my lessons at a high price. Good luck!

I would never do it again - my ex always spent too much money that wasn't budgeted

your right.if your not married and you open a joint account with a gf or bf it can be a big headach.

I believe couples should have three accounts, especially if they both work...an individual account for each and a joint account for common expenses. Deposit paychecks into individual accounts and automatically transfer an agreed-upon amount into the joint account to pay joint living expenses (and fund joint savings)...the remaining amount can be spent by each party at their own discretion.

I don't think they should do this because of the chance that they might divorce...the overall odds may be 50/50 but I think if they establish separate accounts because they want to protect themselves from the financial consequences of divorce, the odds of a "crash and burn" probably jump to around 90%! However, I do think that using three accounts can minimize some of the money-related stress on a marriage (arguments about money are one of the top three reasons for the divorce rate in this country).

With a joint account, both parties have a legitimate claim to the money and are thus forced to agree on every purchase (or the result is conflict). For example, if the man wants to spend $50 on a new fishing rod, the wife may object because she planned to spend that money on new shoes. With separate accounts for discretionary spending, both parties tacitly agree that each of them can spend a certain amount each week/month on whatever they like without worrying about whether the other party thinks it is a necessary or even a rational purchase.

The main advantage of a joint account is that it acknowledge that certain expenses are the responsibility of both parties...it also fosters unity in decision making about "critical" expenditures.

One note: this advice applies to married couples only. People that are living together, especially in a common-law state, are holding themselves out as married when the establish a joint account (co-mingling of funds). In a common-law state, this is enough for the law to consider them married and the end of the relationship will carry all the complications of a divorce. Even in a state that doesn't recognize common law marriages, co-mingling of funds can be a signal that one or both parties made an agreement to support the other and open one party (generally the one making the largest contributon) to the possibility of of a civil lawsuit for continued support if the relationship ends!

DON'T DO IT!!!

LOVE AND MONEY DON'T MIX and it is the reason why most couples crash and burn. There is no advantage. Each has to have their own account, treat it as a company with two departments. Each department will have to pay for some things, but don't mix them. This tends to cause one person to pay more than they are supposed to.

MY wife and I keep most of our finances seperate. We do have a joint account that we contribute to, but that is just for shared bills. It's not a big deal for us we don't have any trust issues or anything, it's just the way things work for us. Also the annual difference between our incomes is $10.00 a year, so neither one of us has to rely on the other for anything financial (other than paying those few bills).

You're correct - its very stupid if you aren't legally married.

I think it would be terrible to start a marriage off and decide to have separate accounts. It is a very negative way to start. If you are not willing to take that risk-you aren't ready for marriage.Also, marriage is based off of trust.

Kids with guns are less risky

No not really. My dh and I have a joint account and have had it for 9 years. We still both have separate credit histories.

When you sign up for the account there is the option to have to both people sign off on major transactions to protect them from spiteful breakup stuff.

It's easier than having separate accounts. It's household finances paying all the bills instead of fighting over my money, your money stuff. I know a couple who only had two accounts and only managed to stay married for a year. They were constantly bickering over money despite both being very high wage earners. She ended up losing her job and he refused to help pay for her half of the household expenses. Crazy!

DON"T!!!!!!!!!!!!!!!!!!!

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