Money is the basis for so many actions in our lives that the way we handle our money will influence our success and satisfaction in life. How much more of an impact can this have when we get married? Remember, finances and spending are a major cause of disagreement and conflict in many troubled marriages.

Just as no two marriages are the same, there is no single answer that is best on whether couples should hold joint accounts or separate accounts. For some couples, not combining all finances would prove disastrous. For others, sharing an account would be near impossible and limiting. So how to decide which method to use?

The key is to look at the benefits of each method and see how they will fit into your lives. Keep in mind that it does not have to be exclusively one method or the other. It is possible to have a joint account for some or most transactions, but still maintain separate accounts for other transactions.

Joint Accounts

Looking at a joint account, the biggest advantage is that everything is open, shared and clear. Both individuals have access to the information about what is going on financially for the couple. When everything is shared, it becomes more difficult to hide problems. That '$20' dress will show up as the $75 purchase it actually was. Likewise, the ratchet set he bought last week but didn't mention will also show up in the bank statement.

The biggest potential problem with joint accounts is that one person takes responsibility for all of them. They arrange for the bills to be paid, the checkbook balanced, direct deposits to be setup, and so on. The other person doesn't bother to keep tabs on what is going on. When things are going well, and according to plan, this is not an issue. When a problem arises, this can cause a crisis.

Potential problems include the financially savvy partner dying leaving the other unaware of what financial resources they do have, much less how to handle them. Other issues could be significant debts that were not shared or even basic questions about ownership of assets. So, when using joint accounts, it is still critical that both partners be involved.

Separate Accounts

Separate accounts are often used by couples who met later in life after each had established their own method of dealing with finances. Like joint accounts, it has strong proponents and reasoning behind it. Primarily, separate accounts give each partner more freedom to make their own decisions about

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