I recently visited my bank branch and unexpectedly ran into my high school crush, she looked as beautiful as she did back in our school days, but sad to say, she was with her boyfriend. They were in the process of opening a joint account, so I learnt from our conversation.

I left the bank wondering to myself, is it advisable to open a joint account with your spouse?

To share your bank account with your spouse or not, that is the question.

While there are arguments that support the assertion that spouses should share bank accounts, there are others that argue against it.
In any relationship, including marriage, there are shared expenses such as food, utilities, and rent. Regardless of who pays for them, the benefit is shared by both.

Couples who trust one another completely, have similar spending and saving habits and goals, and are looking for convenience when it comes to depositing, withdrawing, and paying bills are best suited to have a joint bank account.

 The benefits associated with having such an account include:

•        Both your names appear in the account, and you completely merge your money.
•        The account caters for all your expenses, from mortgage to rent to eating out.
•        When one partner dies, the other automatically gets the money in the account without much complications.

Such an account has some weaknesses too:

• Both of you have equal control of the account, so one can withdraw without having to inform the other.
• In case of a divorce, either of you can clear the account regardless of who deposited most of the money.
• One partner might feel as though they can never spend a shilling without first consulting with the other. This might make one feel trapped and far less independent, which can result to resentment in the relationship.

Despite these weaknesses, there are ways through which such an arrangement can work:

• The couple can decide, before hand, how much to deposit by accounting for their monthly salaries and coming up with a fair percentage for each.
• The couples budget should also be considered when determining how much each should contribute.
• The couple should also decide how much each can withdraw after they have paid the bills.

There is the option of each having an individual account and a special joint account to cater for their shared expenses such as rent and utilities. Such an arrangement helps the couple maintains their individual independence plus share in the expenses where possible.

Discussing things before hand can help avoid inconveniences associated bouncing checks and animosity between the couple.