by Jack Thornton

Created on: August 10, 2007

There are arguments that will both support the assertion that spouses should share bank accounts along with arguments against sharing bank accounts. It is more important to ask the reverse of this question: Should spouses have separate bank accounts?

In any partnership, much less marriage, there are shared expenses. Things like food, utilities, rent/mortgage all fall into this category. Regardless of who actually pays for them, the benefit is shared by both.

At the same time, there are expenses that are clearly not shared. Hobby supplies, most toys, even those solo nights out. Regardless of how those expenses are paid, the benefit of those expenses is not equally shared.

Sharing Everything

There are marriages where spouses share everything. From doing chores together, joining organizations together, to applying for jobs at the same place. These couples relationships are based upon sharing as much as possible.

Then there are marriages that are a lot different. Couples that overlap slightly, but generally move in their own social circles. Perhaps this is a classic marriage where the man works, hangs out with the old boys club, and his wife stays at home, raises the kids, and socializes with other women doing the same thing. Perhaps not.

In both of these extreme situations, it makes a lot of sense to share accounts. In the first case, sharing is the basis of the relationship. In the second case, everything is going to be funded from one source anyways.

Sharing Nothing

Then we come to my marriage and others like it. Both my wife and I work and make very similar incomes. We got married late and had each established out own financial rhythms and preferences. Each of us has own own hobbies and activities, but we share an interest in a lot of activities too.

We have a joint account, but never use it for anything. It is a minor savings vehicle. Our daily lives and most long term planning occurs through independent accounts. We talk regularly and pay each other money to keep the expenses balanced. The best part is that we are both happy with how this works out.

How To Decide

Choosing which method, or a hybrid, is going to be critical to how happy each spouse is with money matters. Ask yourselves several questions to decide what is right for you.

Shared
1. Is our relationship based on complete openness? Will transparency in financial matters help us maintain that part of our relationship?

2. Do we both want to track our complete financial picture? Or is one partner willing to take

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