😳 Joint Accounts, Separate Accounts, or a mix? 😳
Should you pick joint accounts, separate accounts, or a mix with your significant other?
Most couples go with what "feels" right. 🤷♂️
Here are a few statements to consider.
Comment with which numbers you agree with!
(1) Before opening a joint account, couples would benefit from discussing their hopes, dreams, fears, and worries around money and having shared accounts.
(2) We tend to ascribe meaning to having shared accounts, and we might feel our relationship is strong only if we have them. Examine those ideas together—they are not always nor automatically true.
(3) Shared accounts can help couples strengthen trust and share in their financial progress.
(4) Individual accounts allow for a valuable dose of freedom and independence.
(5) It doesn’t make a relationship inherently better to have joint accounts. Rather, focus on having good conversations and making sure each of you feels ready.
P.S. Thanks to Jackie Lam for the opportunity to share these ideas in her article for USA Today's Reviewed. Read the article HERE
P.P.S. Credit to Michelle Waymire, CFA for inspiring statement 3.
Want to level up your game around money in your relationship? My free quiz will help you learn your Couple’s Money Personality Type AND how you can grow from there!
Adam Kol is The Couples Financial Coach. He helps couples go from financial overwhelm or fighting to clarity, teamwork, and peace of mind.
Adam is a Certified Financial Therapist™, Certified Mediator, and Tax Attorney with a Duke Law degree and a Master's in Tax Law from NYU. He is a husband, dad, and musician, as well.
Adam's wisdom has been shared with The Wall Street Journal, the Baltimore Ravens, CNBC, NewsNation, and more.
