Joint Bank Accounts May Not Always Mean Marital Bliss

Getting married is a union that lasts for the rest of your lives. But does that mean that your bank accounts should reflect that same union? For many couples in Utah and across the nation, keeping separate accounts now could easily prevent marriage therapy in the future.

Keeping a joint account means there are less surprises financially and that money is easier to track while living in Utah or anywhere else. Also, in the event that a spouse passes away, a joint account would prevent the remaining spouse from having to work through a legal system to access money. But while this may seem like the easiest option, the strain it puts on couples may not always be worth it.

Finances are a common topic of argument among married couples in Utah and everywhere else, often resulting in the need for marriage therapy. After all, some couples may not feel ready to give up their independence completely after getting hitched. 

The question is then: are separate accounts a symbol of a separate marriage? One couple told Business Insider that separate accounts has kept their marriage steady for years.  

"We have never once gotten into a fight about money," said the husband. He and his wife both made roughly the same salary and both contributed a certain amount each month to pay the bills. They would both help save for trips, but other than that, their personal purchases drew from personal accounts. 

While the separate accounts system worked for this couple, it does not mean that it's right for every married couple. Partners who have children involved may want a joint account for that purpose alone. Whatever the factors, make the decision that will ultimately put the least strain on your marriage and foster love rather than fighting. If it does become a problem, attend marriage therapy to find the best solution.

Shauna Holdaway is a relationship writer reporter for Fusion 360, a Content Marketing Agency. Information provided by Swinton Counseling.