I don't have any answers, but I am going through this right now...

Do we combine all of our accounts?
Do we combine some accounts and then keep other separate? Which ones do we keep separate and why?
Do we keep all of our accounts separate?

As I research this, I will post links and info here. If anyone has any links or useful advice, I'd really appreciate it.

Apricot: Women tend to have a harder time in general establishing credit. I would suggest that if you decide to join your accounts, you should keep at least one credit card in your own name.

my recommendation is that you keep joint accounts for handling your monthly expenses, but each maintain your own separate accounts. determine between yourselves how much will be contributed to the joint account by each person, and then hold all the rest in your separate account.

i see no need at all for joint credit cards, unless one of you is unable to obtain adequate credit in your own name.

it's always best to maintain as much independence as possible, simply because you never know what the future holds.

we opened a joint savings and checking, and I still kept one of my old checking accounts, which I no longer use. He puts all the money in the joint checking and I keep the checkbook!




edit: I had already had established (good) credit. We each had a VISA and eventually put both names on those. The fewer the cards you have, the better IMHO.

It really depends on who is going to pay the bills, etc. as to how you do it. But cgomes has the best 'general' answer.

Just to offer a contrasting point...

It is SO much easier to just have joint accounts. I couldn't imagine saying to my wife "You forgot to put in your $100 this month to the 'bills' account." WTF?

There is a need however to maintain separate credit-generating vehicles, like credit cards. My mom just figured out a couple years ago that she has basically no credit. Everything was in my Dad's name and she was joint owner, but never first owner. They are working to correct that now and it shouldn't be a problem, but it is definitely an important point.


That makes me sad.

A harsh & common reality, the divorce rate is high. People need to protect themselves in case of an unfortunate outcome, especially if one of the two becomes a stay-at-home spouse.




edited to add:
If one of the two cannot keep a checkbook, things will be less stressful if the more organized person maintains their own separate account

One helpful hint we learned when we were insuring our cars -- at least it's how it works here in PA -- if there were an accident...whoever's name the car is in... their assets would be pursued. So, since I am a homemaker and hubby works -- we put the cars in my name solely.

It wouldn't work in California, Bizema, this is a community property state. One partner is always responsible for what the other mate does.

We have been married for four years and we have always had separate accounts, not because we are "not sure what the future holds," but because we have different spending habits. I am a saver and DH likes to spend more than I do (he's not a "spender" by any stretch, though). I thought it was nice that we each had separate accounts, split the bills, and then could have our own "play money".

That was, of course, before DS came along. Now I am a SAHM but we still maintain two accounts. I use my checkbook for all of the bills and DH's account is for saving for taxes and insurance (the big annual bills).

And some unrequested advice - if you plan on having kids later and staying home with them, it is a great idea to learn to live on one income at least a year or two before they come along (even from the time you are married if that is possible). The second income can be used to pay down debt, save for a down payment, or saved for emergency cash until the baby comes along. That way you will know before the baby is born whether it is possible for you to live on one income and it is also a great lesson in financial discipline. JMHO.

My wife and I are joint on everything. I know what people mean about the need to protect yourself against some potential divorce down the road, but I honestly couldn't be married if I was living with that notion in my head. I have a separate checking account in my name only that I use for ebay, but I just keep $50-$100 in it and I transfer the rest to our main account (at another bank) once I make a few sales. The separation there is just for financial safety, no other reason.

There's no really good reason to be joint on credit cards, though. It's best to each build your own good credit history, that way you have more flexibility in the future. Also, you each then have the opportunity to apply for credit card offers on your own, giving you twice the potential rewards. That said, we do have many joint cards because we never max out our rewards (we don't spend THAT much). So it's easiest to both be working toward the next frequent flyer ticket, or next reward point goal. But some cards we do have separate as well.

There's no upside to having "joint" credit accounts (credit cards, loans, etc). Always have the account in one persons name and add the other as an "authorized user" (not joint!).

That way, if you're ever late on a payment you can avoid having both of your credit reports dinged since you can remove the "authorized user" and the CRA's will delete the line from that persons report. If joint, it will stay with both of you for 7 years!

I'm not 100% sure, but I think you're wrong there. When I say "joint" credit accounts I mean having my wife as an authorized user. It does appear on her credit report (not for all cards, but for some - definitely AMEX does). And if her card is closed (i.e., authorized user removed), it doesn't go away. So the problem is if we make a late payment it would ding both our reports.

Now I believe some credit cards don't put something on the other person's report if they are just an authorized user, but many seem too. At least AMEX, as I said, and I believe some others I have too.

can u say "PRENUP"? ALL NICE & LOVING NOW, BUT WHEN U SEPARATE or go ur separate ways, IT IS GOING TO GET very very UGLY. don't learn the hard way.

my college business law professor always told the students to have a prenup in place no matter what!!!!

i just can't wait until i c some of my family members i dearly hate with a passion get screw over...lol...hahah.. they deserve it too. just my $0.02

you truly have issues, try counseling.
Life is too short to harbor such animosity.

Joint credit and authorized user credit are two different things. If you have a "joint" account it stays on both of your reports and you can't easily seperate one of you from it - for example, if you both signed for a car loan or a mortgage.

If you have an account and she's an authorized user, you can get the tradeline removed from her report easily. All you have to do is call the account holder and tell them you no longer want her to be an authorized user. Give it a couple of weeks and then dispute the tradeline on her report(s) as 'not mine'. They'll contact the credit issurer, get confirmation that it's not her account and that she's not an authorized user & they'll delete the entire tradeline.

Joint or AU are determined by how you applied for the account initially - ie, who signed the credit application.

OK, I agree with you then, we're just using different terminology. I've never made a "joint" credit card application, but my wife is an authorized user on several of my CCs (and vice versa). That's what I meant when I (incorrectly) said "joint" CCs above. They (for the most part) DO show up on each of our credit reports, but based on your info we could deauthorize and then dispute the info, and it would disappear. That's fine, but I guess the general point is in both cases the info appears on each other's reports, just in the AU case there's a "trick" to get rid of it.

Wow.......sorry, just can't imagine being married and having seperate accounts with his and her moneys.


Edit( Ok....I can imagine it.....just don't do it )

Since I've been divorced and remarried, and encountered some difficulties during the divorce in terms of asset transfers and such, I think it's important to maintain separate assets with exception to the real estate. It really all depends on your individual situation, but regardless, I think it's important for each person to have their own credit established and maintained that way. I have a few credit accounts that are solely mine, and he also has his. I do have him as an authorized user on one of my accounts for convenience sake. That can easily be remedied.

I would love to think ideally but since I've been down that road it's best for me to give the advice of maintaining separate financial identities. On primary real estate though, I think it best to both be on the mortgage and maintain the deed as joint tenants in common.

but are you the co-owner of anything else?

I don't know all the terminology, or any of the details really. But I thought that if you were on the deed for the house or listed on any of the bank accounts that they could go after that too.

Nack or another lawyer would be best to ask because I don't really know what I'm talking about. I did have it explained to me once long ago, but I don't remember it.

pay back in a b$^#tch...they will get what they truely deserve. if they did the samething to u, you would agree with me. trust me on this

we have everything joint.
I wouldnt have it any other way.
we have a few different accounts...but we both have access to them.
(a "vacation" account...."toy" account...etc"