They say that money causes more problems in relationships than anything else, and you can see why this might be so. Money is the foundation of the way you live, enabling you to take care of yourself and your loved ones and enjoy a good standard of living. You may not need a fortune to be happy, but it helps to have enough to cover your bills and a few luxuries.
Lack of money is extremely stressful, because you face the possibility of losing what you have, and even being made homeless if the situation is bad enough. Therefore, if your partner makes poor financial choices or goes behind your back, you would be understandable angry with them. The question is, how do you balance taking care of the family finances with putting your trust and faith in the person you love?
Joint checking accounts
Married couples always used to have a joint account where all the income was pooled and shared. The idea of fixed male and female roles is not how society operates now, and quite rightly either or both partners in a relationship could be earning or taking a homecare role. The point is that believing you should have a joint account just because you’re a couple is an outdated idea.
It’s far safer and more practical to keep separate accounts in most cases, so there’s no argument about where the money’s gone or who has spent what. Many couples find the best way to manage joint financial responsibility is to either divide up the bills and expenses you both have responsibility for so you’re each paying half, or contribute an agreed amount each month to a savings account that covers your joint expenses.
Joint savings accounts
If you want to have a joint savings account to build up a rainy day fund, a college account for the kids, or just to save for a vacation, then it makes sense to pool your resources. What you should also do is make sure the money is in an account that’s protected, so it can’t be withdrawn unless you both agree. Higher interest savings are normally locked so you can’t get instant access anyway, but make sure it takes two signatures to release any funds.
Even seemingly happy marriages can hit the rocks, and very often money is at the root of a couple’s problems. Consequently, dividing up the assets in a divorce can be an expensive and acrimonious process, so if you do find yourself in a situation where your relationship has broken down irretrievably, make sure you engage a specialist, like this reputable divorce lawyer Lake County, IL, to protect your interests.
Being prudent with your finances isn’t a way of saying you don’t trust someone, and having separate accounts doesn’t mean you aren’t sharing your wealth. It does mean that no matter what the future may hold, both partners will be financially secure, and there’ll be far fewer reasons to fall out over money.
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