The reasons for separate bank accounts during marriage
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The reasons for separate bank accounts during marriage

On Behalf of | May 30, 2018 | Property Division |

If you are preparing to tie the knot this summer in Kentucky, there are some issues that need to be discussed with your future spouse. Some of those issues include whether or not you want children, where you want to live, if there will be a prenuptial agreement signed and how money will be handled. When it comes to money, you need to figure out how money will be kept in bank accounts.

Many couples come into a marriage with individual bank accounts. They then open a joint account that will be used to pay the bills. This is how a large number of married couples manage their money. They keep separate accounts on top of a joint account.

Why do couples keep separate bank accounts? For one, it provides each person with financial independence. Someone cannot be truly independent financially if they don’t have their own bank account. They can deposit a portion of their paycheck into the joint account, a portion into their checking account and a portion into their savings account.

When couples have just one account, it tends to be handled by just one spouse, not both. This means that the other spouse will always have to ask for money, just like they had to ask their parents for money when they were a child or teen. This is not independence.

If you keep separate bank accounts, you put yourself in a better financial situation should your marriage end in divorce. You won’t have to worry about having money to pay your new bills when you get divorced if you already have an account of your own.

Bank accounts are often a contentious item in a marriage in Elizabethtown, Kentucky. You and your future spouse need to decide how the money will be handled once married and if separate bank accounts will be kept in each spouse’s name.