Can My Spouse Access My Bank Account?
Your spouse may have access to your bank account; it depends on the account type. For example, joint accounts give everyone on it access, but separate accounts don't. Understanding the difference and pros and cons can help you decide what's right.
Should Spouses Have Separate Bank Accounts in Marriage?
When you say 'I do,' you probably think your finances immediately merge.
They don't.
If you desire, you can keep your finances separate, including separate bank accounts. There isn't a law stating that married couples must have a joint bank account; a separate bank account can have positives and negatives, too.
Let's start with the positives.
Separate bank accounts help you have financial independence. This may be especially important if you have little to no debt but your spouse does. If you join your assets, creditors can potentially come after all funds, including yours, even though the debt doesn't belong to you.
If one spouse makes more money than the other, separate accounts may decrease arguments and hard feelings. No matter how much someone says it doesn't matter if my spouse makes more than I do, there's still a psychological aspect to it that can become an issue. Keeping your money in separate accounts may help maintain peace in the marriage.
Now for the bad.
Setting and reaching financial goals can be hard when your money isn't together. You might not be on the same page about saving and spending money when you have separate accounts. One spouse may assume the other saved more than they did, or the responsibility may fall on one spouse more than the other.
It can also get difficult to keep track of bills or decide who is responsible for each one. Not having your money together can cause arguments or oversight on bills, which can hurt your credit and penalize you.
Reasons for Accessing a Spouse's Account
No matter your stance on whether you and your spouse should have a joint account, there are solid reasons you may need to access a spouse's account, including the following:
Bill Payment
If your spouse is responsible for paying the bills, but they aren't able or available to do so, then you may need to access the account to pay them on time. For example, if your spouse is in the hospital or away on business and didn't take care of the bills, you might need to step in and handle them.
Emergencies
Life is unpredictable. What happens if your spouse is in a major car accident and unresponsive? If you don't have access to a bank account, you might not have the necessary funds to cover the emergency, causing more stress.
Transparency
Being transparent with one another is important. Feeling like one spouse is hiding money isn't a good feeling. Some couples operate better when they know they have equal access to the account and can see the bank statements themselves.
Joint vs. Separate Accounts
Understanding the difference between joint and separate accounts is important to help you and your spouse decide what's right for you.
Joint Accounts
Joint accounts, as the name suggests, provide both partners with equal access to the funds, statements, and account information. As a result, neither partner can hide their spending, and all money goes into the same account for use by either party.
Pros:
Convenience: With all funds in one place, it's easier to keep track of your finances and keep both partners on the same page
Feelings of equality: If one spouse makes more than another, or one spouse doesn't work, a joint account can make that spouse feel equal rather than asking for money or permission to spend
Easier to reach combined goals: It's easier to keep both parties on track with financial goals when you can both see all money coming in and going out
Save on fees: Banks often charge monthly maintenance fees, among others; if you have one bank account, you minimize the fees paid
Cons:
Too much oversight: Especially if you have a controlling spouse, or one or both of you is anxious about money, you might find that joint accounts cause too many arguments over every penny you spend
Gift buying is difficult: It's difficult to pull off secret gifts or other surprises when both partners have access to the account
Your funds may be at risk: If your spouse has debt that doesn't belong to you, but you have a joint account, courts could seize your funds to repay the creditors for the debt owed
Separate Accounts
Separate accounts are more work because each has different bank accounts, but there's also more control for each spouse. The only people with access to the account are those named on the account, so your spouse wouldn't have access to your account if their name isn't on it.
Pros:
Freedom: When your bank account is separate, you are free to do with your funds as you wish, and your spouse can't access it
Privacy: It's easier to pull off surprises or maintain a sense of independence when your spouse can't access your bank account
Security: If your spouse has a lot of debt, your funds are generally safe, unless you live in one of the nine community property states where it gets more complicated
Easier division: If you divorce, it's easier to separate your finances when you already have separate accounts
Cons:
Lack of togetherness: It's challenging to reach joint goals or understand your finances together when your accounts are separate
More frequent money talks: When you don't have access to your spouse's financial information, you must talk about money more often, which can lead to arguments
Harder to pay bills: Putting each spouse in charge of certain bills and having to following up on them takes more time and effort when you can’t access their accounts, as you may not be able to tell whether they paid a certain bill or completed a particular transaction
Separate Accounts and Divorce
Many assume their separate bank accounts are safe in divorce, but they often become part of the total assets distributed in the divorce. To ensure your separate bank account isn't considered marital property to be used in the divorce, you may have to prove all of the following:
No money from the marriage ever entered the account
You never used the funds in the account to benefit the marriage
No money meant for both members of the couple was ever deposited into the account
Separate Accounts and Death
Separate accounts have downsides, including what happens when a spouse dies. Therefore, knowing what happens to separate accounts when the account holder dies is essential.
What Happens to Separate Accounts When a Spouse Passes?
Without another person's name on the account, the account may go through the probate process or be subject to the executor's responsibility of using the estate to satisfy debts and then distributing assets according to the will.
Even a spouse cannot access the funds if their name isn't on the account. However, if your spouse sets the account up as a transferable on death account (sometimes called a “TOD”), you would have access to the account after providing the death certificate.
Beneficiary vs. Will
If your spouse has a transferable on-death account, they name beneficiaries or people who can access the account upon their death. Without named beneficiaries, the account becomes part of the will; a will then goes through probate court, and the court decides where the funds go. “Proving a will,” which is what happens in probate court, can be a time-consuming, expensive, and/or stressful process.
Physical or Mental Health Limitations
When you have separate bank accounts, you must consider the risk of your spouse becoming physically or mentally incapable of handling their account.
In these instances, you should consider a power of attorney that allows another person, such as a spouse, to handle the financial affairs by acting on the person’s behalf. For example, if a court appoints a person to manage the assets, the funds may be in a conservatorship account, giving the person in charge of the financial affairs (i.e. the “conservator”) access to the account(s).
Without these precautions, no one can access the funds, which can be devastating if the account holder can't handle their own finances due to psychological challenges or otherwise.
Keeping Your Account Private
If you want to keep separate and secret accounts or make it impossible for your spouse to access them, you can try the following:
Opt out of paper statements: Only use online banking, and keep the I.D. and password somewhere safe
Open a P.O. Box: To avoid the risk of any mail coming to the house with your bank account information, open a P.O. Box
Only log in on your devices: If you share devices, don't log into your bank accounts on them, as they might share the I.D. or password or otherwise tip your spouse off about the account’s existence
Don't pay shared expenses from the private account: Only use the account for separate expenses and uses so that you don't tip off your spouse
FAQs
Can Savings Accounts Be Garnished if the Spouse With Debt Isn't on It?
In some states, all assets within the marriage are considered one, part of the same pot, leaving the savings at risk of garnishment. However, that's only in the nine community property states, including Arizona, California, Idaho, Louisana, Nevada, New Mexico, Texas, and Washington.
Can I Empty My Bank Account Before Divorce?
No one will stop you from emptying your bank account before divorce, but there could be serious consequences for doing so, including a court order to replenish the funds; therefore, it's often best to keep all finances open and honest and let your lawyer fight for your rights.
Is My HUSBAND OR Wife Entitled to Half My Savings in a Divorce?
Most states have equitable or fair distribution of assets in a divorce, except in community property states where assets are typically split down the middle. But, of course, there's always the chance a judge will rule differently depending on the situation.
What Do I Do if My Spouse Takes Money From My Personal Account?
If your account is a joint account, your spouse has access and the right to remove funds. If it's not a joint account, you could have legal rights to demand the money back. Gather proof of the illegal access to your account to bring to court, and consider hiring a family law attorney.
Can My Spouse Access My Bank Account: The Bottom Line
Your spouse can access your bank account if it's a joint account; however, if it is a separate account, that is an entirely different story. If you're happily married, you might consider joint accounts, but separate accounts have their benefits, too.
The key is to ensure you cover all your bases should you become ill, incapacitated, or pass away such that your spouse can access the accounts and funds if needed. There are ways to keep your assets separate but also protect them in times of emergency.
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-I™, 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.
