by Marco Angioni II

Created on: January 22, 2008

Sharing bank accounts simple means that both spouses have equal access to the bank account (whether it be a savings account, checking account, or some other bank account) in question. Each spouse can deposit and withdraw money without the consent (as far as the bank is concerned) of the other spouse. There can be advantages and disadvantages to sharing a bank account.

Sharing a bank account creates an easier accounting for the spouses because the accounting is based upon one pool of money instead of two (one for each spouse). Additionally, when bills are paid, they do not have to be divvied up between the spouses. All bills are paid from one account at a set time.

On the other hand, splitting bank accounts makes it easier for each spouse to track their own respective spending. Additionally, if one spouse has a tendency to spend more money than the other spouse, splitting bank accounts will prevent the "spending spouse" from spending too much money. Another advantage of splitting bank accounts is that each spouse can spend money without the other spouse always knowing what was purchased (great for gift giving and surprise occasions).

Splitting or sharing bank accounts is an important conversation that you need to have with your spouse. I believe that both spouses should be involved in the household's finances. I believe that this should occur so that each spouse has an understanding of how the monthly household finances work. Too many times one spouse will pass away leaving the other spouse without knowledge of how to run the household finances. If both spouses participate in the financial process, this pitfall can be avoided.

Additionally, if both spouses are involved in the household finances, there will be fewer arguments about money because both spouses will have full knowledge of the respective spending of each spouse and the monthly liabilities. This will prevent any surprises and prevent claims of money mismanagement by either spouse.

Take these points into consideration when deciding whether to split or share the bank accounts. There are advantages and disadvantages on both sides. Therefore, talk with your spouse and weigh your options. Whichever decision is made (as long as it is made together) will be the correct choice.

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