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A joint account may or may not be the solution for you and your spouse
Did you and your spouse just move in together? Are the 2 of you thinking of buying a home? Are you saving for a joint purchase or project?
You and your spouse have probably thought of opening a joint account, which would make things easier. This type of account would give you access to your pooled income to make, among others, payments, purchases and transfers, and allows you to save more than you could put aside on your own.
A joint account can be the ideal solution for some couples while it can be a source of conflict for others. Before you decide, ask yourself these questions:
- How much and how often will each spouse be contributing?
- Should we put all our income in a single account?
- What will happen to the money if one spouse dies?
Keep in mind that joint accounts work best when both parties have reached a solid level of trust between them. Discuss the pros and cons of joint accounts and individual accounts with your significant other and, whatever your situation, make sure you make an informed decision.
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