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Joint Accounts

Last post 03-15-2012 5:54 PM by gayla50. 29 replies.
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  • 06-28-2010 8:54 AM

    • Brandy
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    • Joined on 03-28-2007
    • Saving in South Mississippi
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    Joint Accounts

     It is becoming more common for young adults starting out to move in with housemates or with a relationship partner rather than a spouse. 

    It would be convient to have some shared funds that cover shared expenses but is it wise to have a joint account with someone you are not married to?

     

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  • 06-28-2010 10:58 AM In reply to

    • Pat
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    Re: Joint Accounts

    One word: No. You can let yourself in for a world of trouble by having a joint account with someone who isn't committed to you (or you to him/her). People you think you know very well can do some unpredictable things, like empty the account and disappear, or "borrow" money from it then "forget" to pay it back. Just my opinion. Smile

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  • 06-28-2010 11:11 AM In reply to

    Re: Joint Accounts

    NO!!

    I agree with Pat. So many legal issues can come up along with your money disappearing and the like. This is one thing that Judge Judy loves to lecture on. My DF knows that we are not combining anything until we are legally married. Same name - same accounts only in my opinion (or legally bound). 

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  • 06-28-2010 7:21 PM In reply to

    Re: Joint Accounts

     Hi ... My two-cents is no!  I have always maintained my own accounts. The first two years of marriage, we opened a joint-account for bills but discontinued. Young people have such positive outlooks of life and love, so sad when one is taken advantage of! 

  • 06-28-2010 8:05 PM In reply to

    Re: Joint Accounts

    Under no circumstances. I was married 10 years before DH & I merged our checking accounts and that was because we were buying house.
    kb999999:
    Young people have such positive outlooks of life and love, so sad when one is taken advantage of! 
    This is an important point. What sounds sooooo easy and right at the time can go bad so quickly. And trying to get out of those messes is complicated. The part of the brain that handles finances is not the same part that deals in romance. Its that way for a reason.
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  • 06-28-2010 8:38 PM In reply to

    • Brandy
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    • Joined on 03-28-2007
    • Saving in South Mississippi
    • Posts 25,145

    Re: Joint Accounts

    Luvd_Lioness:
    (or legally bound
     

     My thoughts are that marriage offers some amount of legal protection. I don't think that exists when the account holders are not married or related even.

     

    The Dollar Stretcher Community Manager



  • 06-28-2010 8:47 PM In reply to

    • Brandy
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    • Joined on 03-28-2007
    • Saving in South Mississippi
    • Posts 25,145

    Re: Joint Accounts

     

    kb999999:
    Young people have such positive outlooks of life and love,

    I certainly did. I have been married to the same man for 20 years.

    While there are benefits to my children having their parents still married, I worry that they may trust too much, expecting to be able to manage a long term relationship. 

     

     

     

    The Dollar Stretcher Community Manager



  • 06-30-2010 7:09 PM In reply to

    • Walt34
    • Top 75 Contributor
    • Joined on 12-17-2007
    • WV eastern panhandle
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    Re: Joint Accounts

    Pat:

    One word: No. You can let yourself in for a world of trouble by having a joint account with someone who isn't committed to you (or you to him/her). People you think you know very well can do some unpredictable things, like empty the account and disappear, or "borrow" money from it then "forget" to pay it back. Just my opinion. Smile

    When I was doing fraud investigations we received a LOT of complaints about that sort of thing. "Sorry honey (or guy), that is a joint account and each has equal rights to the ENTIRE contents." You might have a civil case, but certainly not a criminal one.

    When I had a roommate in an apartment the closest thing we had to joint funds was the "food jar" that we each contributed an equal amount to and bought groceries from. That avoided any disagreements over "whose carton of milk that was".

    Officially Recognized Stretchpert in Money Management
  • 06-30-2010 9:09 PM In reply to

    Re: Joint Accounts

    I recomend 3 accounts one his one hers and one shared and a savings account for the them both me I should have done that but when married I still worked for min. wage so money was tight if my old man found out which he did I had a secret aount he went in it paid off his bills from it I was saving for a car that was back in 1990 and blew that by leaving a bank book around thats my fault.

  • 07-01-2010 9:49 PM In reply to

    Re: Joint Accounts

    Although I've always had joint accounts with my husband, I would never do so with someone I was "just" living with--but I'd not likely move in with someone without being married.  I'd more likely stay over or they stay with me, but each have their own place.  I'm not prudish, per se, but i am sort of particular about the idea of married vs not exactly married.

    But, no joint accounts with anyone not married. Some people have enough trouble with people they are married to and joint accounts, but I never have.

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