I saw this article which was published in PUNCH, and I thought I should share with you guys. It pretty sums up what I would say in a nutshell…
Combining finances in marriage can be a bit tricky. But before opening a joint account with your spouse, here are a few things to consider
Learn to trust
As the bedrock of every union, it pays to have complete trust and confidence in your partner before agreeing or suggesting the joint account route. Ensure that you feel at ease contributing to whatever cause you are opening the account for. If you are unsure of your partner and his/her prudence level, have your own accounts that only you have access to.
There is no gainsaying that you must be thoroughly knowledgeable about the nitty-gritties of having a joint account. The most important thing is that you both have legal access to the money in the account.
Your spouse’s spending habit does come to play when deciding to open a joint account or not. When you are privy to every last detail pertaining to your spouse’s spending habits, consider yourself lucky.
Learn from history
If you have had a bad experience with your spouse as regards finances, you may have to think twice before embarking on this. If you still have doubts, then it is better to shove the idea.
Have common goals
If you both do not share common financial goals, it isn’t wise to go ahead with the idea of opening a joint account. If he or she doesn’t have clearly mapped out goals and targets, it amounts to a sheer waste of time.
Let there be an agreement
You should also decide what will happen to the account if you were to split as a couple or go your separate ways as friends. It may not be an easy conversation but it could save a lot of arguments later, especially if one of you contributes more than the other. If you cannot meet at a middle ground in this matter, then think twice before you take the plunge.