What are the arguments for couples to have joint vs. separate accounts?
December 6, 2006 5:29 PM Subscribe
For a married (or otherwise similarly connected) couple, what are the benefits and drawbacks of keeping separate bank/savings/investment/loan accounts vs. having those accounts kept jointly? Do these benefits/drawbacks change if the couple has comparable incomes vs. disparate incomes?
My wife and I keep separate bank accounts, but have a joint savings account and contribute jointly to our mortgage. Our friends think we're crazy, but our system works well for us and we have not had any disputes or arguments about money. Of course, we have similar incomes; I suspect the situation is different for couples with one partner who earns significantly more.
Problem is, nobody has really been able to spell out for me the reasons for having joint accounts versus having separate accounts. I'm interested to hear both the logical arguments and any relevant anecdotes from people on either "side" of the debate.