The 21st century has heralded a lot of possibilities in terms of earning, spending and saving money. Love particularly sometimes makes us ask the question “Why can’t I open a joint account with my husband?”
Maybe you should answer these questions first?
- Can any of you negatively impact the others credit rating?
According to research, 15% of people believe their partner’s credit rating has reduced their chances for getting approved for loans. And if the loan is approved, the bank will not distinguish between you and your partner when it tries to get its money back, if your partner can´t pay or isn’t around, the liability will be yours alone.
So, you have to be sure that this is a weight you are willing to carry, because if you can’t, this has the power to destroy your relationship.
- Are Your Spending Habits compatible?
You could be compatible as a couple, but do your spending habits match up? The convenience of having a joint account that can take care of shared bills is a great benefit, but there are potential pitfalls.
Are you the sort of person who keeps a close eye on every penny and is your husband more carefree with his spending?
If so, one simple way to go about it is having a joint account for joint expenses (mortgage, utilities car loan, holiday fund etc) and creating separate accounts for individual expenses. But don’t take our word for it, study your relationship and make the best choice, peculiar to you.
- What happens if you break up?
This is probably not a question high on your agenda, but it’s still worth asking. Opening a joint account with a partner is a big step and concrete expression of long term commitment and trust. However, if the relationship comes to an end, the joint account can be vulnerable to one partner simply withdrawing the balance and leaving the other high and dry.
So this leads us to the next question.
- Can you trust your husband?
It’s one thing to trust him with your heart, and another to trust him with your money. If you can’t trust your partner completely, it may not be in your best interest to give them access to your funds.
Issues like these have broken many homes, so before making a decision as big as this, please do a lot of thinking.
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