Can Your Spouse Access Your Bank Account Legally?
You share almost everything when you're married, but what about your financial accounts?
For example, can your spouse access your bank account? The answer isn't as straightforward as you'd think because it depends on how you own the account. If you own joint accounts, both partners have equal access to them.
However, if you have separate bank accounts, only the named owner can access them.
Can Your Spouse Access Your Bank Account?
It seems only right that your spouse could access your bank account, right? You should have access to the accounts if you share household bills and money. However, that's not always the case.
For example, if you kept your bank accounts from when you were single and didn't join finances, you can access the accounts in your name.
But, if you own a joint bank account with both names on it, you can each access the account. You don't need each other's consent to deposit or withdraw funds.
When Can a Spouse Legally Access Your Bank Account?
There are only a couple of situations when a spouse could legally access your bank account if their name is not on it:
Power of attorney: If you grant your spouse power of attorney and you are unable to manage your accounts, he will have access to them.
Beneficiary: If your spouse is one of the named beneficiaries on your account and you pass away, he could access the funds.
Reasons for Accessing a Spouse's Account
Whether you have joint or separate bank accounts, there are legitimate reasons your spouse may need access to your bank account:
Pay bills: If bills are due but you aren't able to pay them because of illness or traveling away from home, your spouse may need access to the funds to ensure you pay them on time.
Emergencies: If you experience an emergency and cannot access your bank account, your spouse may need access to your bank account to get the necessary funds to handle the issue.
Accountability: Being open about your finances may help maintain peace and harmony in your marriage. Not hiding your account balance or spending habits may make your spouse feel closer to you.
How Spousal Access Affects Your Financial Privacy
Sharing your financial information can undoubtedly feel like an invasion of privacy, especially if you've been private most of your life. To maintain your peace of mind while also ensuring your marriage is healthy, it's important to set boundaries with your spouse.
Discuss what you each want with bank account access, especially if you each have a separate bank account. If one spouse wants full access to all funds and the other wants complete privacy, consider how to meet in the middle.
Discuss things like:
Can we have one joint account for bills, but each keeps separate bank accounts, too?
Can we share bank statements monthly to keep each other on the same page?
Can we set up a money management app that lets both partners get updates in real-time?
Should we split bills 50/50 and have each partner responsible for some of them?
This is just a start to get you and your spouse discussing the next steps. During your discussion, be sure to discuss financial goals and disclose all bank accounts you both carry to ensure there are no lies or hard feelings.
If you need help mediating the discussion, contact me for a consultation.
What To Do if Your Spouse Is Accessing Your Bank Account Without Permission
If you are the only account holder and find out your spouse accessed your bank account, the first step is to talk to them. Don't jump to conclusions and immediately assume it was for bad reasons.
Take a minute to gain your composure and talk to your spouse when you can both be open-minded. Discuss the reasons they accessed your bank account without your permission and how you could fix the situation moving forward.
Every situation has a solution, but it may take some time, soul-searching, and even couples counseling to determine what will satisfy both partners while ensuring your own financial independence.
If you can't rectify the situation or you're going through divorce proceedings, it's important to safeguard your account as much as possible.
Consider the following:
Changing the password to the account
Eliminating online access
Locking your debit card
Changing accounts
Should Couples Have Separate Bank Accounts?
Some couples prefer to have separate bank accounts because it works for them. There's nothing wrong with this, but you must know that your spouse cannot access the funds, even in an emergency, if their name is not on the account.
To avoid this issue, consider having one account you own together and keeping separate accounts for your other finances. This ensures your spouse has access to at least one account, no matter what happens, but you can also maintain a sense of financial independence.
Spousal Rights on Joint and Separate Accounts
Knowing your spousal rights for joint and separate accounts can help you determine which option is best for your marriage:
Joint bank account: Both partners have equal access to the funds. Your spouse can access the funds without you and even use all the funds without any ramifications.
Separate bank account: Only the account owner has access to the account. If the account holder cannot access the account due to illness or another health-related issue, a spouse would need power of attorney to access the account information.
Keeping Finances Separate in Marriage
Consider separate accounts if you're worried about sharing financial information with your spouse. While this may feel better because you don't have multiple account holders, it can be challenging in any emergency.
The best middle-of-the-road option is to have a shared account with enough money to cover the bills and household expenses while also maintaining separate accounts that only the named account holder can access.
Keep in mind, though, that if you can't work out your differences and end up in divorce court, all accounts will become part of the marital assets that the judge divides in the divorce proceedings.
FAQs
Is My Spouse Entitled to Half My Savings in a Divorce?
Every divorce situation is different, and it is up to the judge to decide how to proceed. The judge will determine the total amount of marital assets and divide them accordingly. While most situations divide the assets 50/50, there's no guarantee.
What Happens to My Bank Account If I Die and My Spouse Is Not on the Account?
If your spouse's name is not on your bank account when they die, the account becomes part of the estate, and it must go through the probate process before it can be distributed.
Does Power of Attorney Allow Access to Bank Accounts?
Yes, a power of attorney allows access to bank accounts. However, the power of attorney must be properly created according to your state's laws, and only the named person can access the account.
Taking Control of Your Finances and Protecting Your Rights
If you're in a difficult marriage and worry that your spouse can access your bank account, it's only a concern if you have a joint account. If you have bank accounts in your name alone, there isn't a concern.
However, if you haven't reached the point of divorce court yet, consider talking to a financial coach who can help you and your spouse with your marital troubles while achieving financial harmony.
Sometimes, financial challenges have a deeper meaning, and when you get to the root of the problem, you can fix the issues and achieve peace and harmony in your marriage.
If you're worried about your finances and marriage, contact me today for a consultation to see how I can help you get your marriage back on track.
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.
