Joint Bank account or NOT!!

[wiccanpony]

Not to toss-water on this subject, but it can be a good idea for both to have their own accounts, at least in Calif. … my parents had a joint account and when Mom passed the bank wouldn’t release any funds to my Dad until they had a death certificate plus piles of paperwork which believe it or not took 6 weeks. We kids had to cover Dad bills and buy food until they unlocked his money.

 

[Chern Ann]

There's a difference between trusting your partner not to intentionally screw you over and steal your money, and being intentionally blind to their flaws; e.g. you can love and trust an alcoholic with everything except keys to the liquor cabinet. If he/she obviously isn't good with money, then a joint account is not a good idea; in Japan it is common for the wife to take all the husband's salary and then give him an allowance out of that, so that the household funds and savings are preserved. If you don't want the additional responsibility of looking after everyone's finances, then joint accounts for specific things like mortgage etc make sense, with separate finances for your own savings and investments (and silly purchases).

 

[Torn blue sky]

Not that miniature painters make any silly purchases. This are serius biznis.

 

[Tercha]

I think the differentiation between "Want" and "Need" in regards to purchases will make a joint account feasible, I have access to everything and could buy whatever I liked on the credit card, but always limit myself to things I need. For other "Stuff" - things I want - then these are discussed as they could end up as presents etc.
Mrs Me has the same access, and uses the same differentiation, though as I work away her scope would include things for the kids and the house / car etc.
It would be easy to just spend like a drunk sailor, but you just have to look at a few recent governments to see what kind of trouble that causes.

 

[Torn blue sky]

Sounds like a pretty solid system to me, I always figured with something like that , logically there would have to be some consideration and communication...Otherwise it likely will end up floating down shit creek. The "want" and "need" thing is the main key to maintaining a healthy joint account I reckon.