Marriage involves two partners building and sharing a life together. Historically, that has included a couple's financial life as well, with spouses pooling their money and drawing from a single checking and single savings account. In recent years, couples have recognized the importance of maintaining a bit of autonomy even in marriage and have chosen to hold separate accounts. So, which option is best for you and your partner? Below, explore some of the pros and cons of sharing.

Pros

One of the biggest benefits of a joint checking or savings account is that each spouse has access to funds on demand. Even when money is kept in separately held accounts, most spouses still consider the funds to be mutual resources, but separate accounts only give one spouse access.

With joint accounts, each spouse has a debit card, checks, deposit slips, and full rights to withdraw or deposit money as they wish. A joint account also streamlines a couple's finances, offering one convenient place to manage household expenses and track every dollar spent and earned.

If one spouse dies, the surviving spouse named on a joint account automatically becomes the sole owner of the funds stored there; there's no need to consult a will or get a court order to claim the funds.

Cons

A potential downside to a joint checking or savings account is that it requires spouses to regularly communicate about finances. They need to be able to share information with one another about withdrawals, deposits, and automatic payments so that they know at all times how much money is in the account.

Also, if you want to surprise your spouse with a high-dollar gift, keeping it secret can be impossible with a joint account. The end of a marriage is complicated by joint accounts as well; a spouse with a joint account can claim all the money as their own or close the account outright, which then becomes a legal issue for the divorce courts to work out.

Discuss the pros and cons with your partner to determine which solution makes the most sense for you. Spirit of America Federal Credit Union offers individual and joint checking and savings accounts, personal loans, mortgages, and other financial services. Since 1932, they have been providing the families of Lincoln, NE, with reliable financial products and guidance—and they are insured by the National Credit Union Administration. Call (402) 467-1102 or visit them online to open an account.