Johnienhuis - 12/6/2023 10:22
JM14 - 12/6/2023 10:04
My wife and I are newly married and have a meeting with the bank next week regarding joint bank accounts.
I have a personal account which my off farm job direct deposits into and also a business account that I run the farm from.
My wife also works in town and has her own personal account.
What are the pros and cons of combining accounts? Which accounts should be combined, if any at all?
Currently I transfer most of my town jobs earnings every month to support the farm account. We are on the same page to grow the farm together but are looking for opinions.
Thanks in advance.
If you are married, then act like it. This means all accounts are joint accounts and both spouses are able to see anything that happens in any account at any time. In a divorce it doesn’t matter who’s account has who’s name on it the money is going to get split up anyways. So you might as well have full transparency from the get go.
If you were in a business partnership and one of the partners wanted to have their own business account on the side wouldn’t that make you a little suspicious? Behavior is a language and when you won’t combine finances that speaks volumes to the other person. I figure if you are sleeping together you should be able to do your finances together.
I have a coworker who was recently complaining about money having a wife had spent that he had just found out about because he had no idea because they use separate accounts. This all could have been avoided with joint accounts because people act differently if they know the other person will see the purchase. It also makes you as a couple have the money discussions before the purchase hopefully and not after.
Combining Finances
