Joint account after marriage

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It happens that newly married couples decide to keep a joint bank account. What are the benefits of keeping a joint account? Does it always pay off? How does a joint account affect creditworthiness?

Benefits of keeping a joint account

Joint account and account maintenance fees

At the beginning, it should be noted that keeping one account instead of two individual accounts lowers the costs associated with the account. The creation of a joint account also does not mean that only one of the spouses will receive a payment card. You can even assign several payment cards to a new account and set a separate limit for each of them. Quite often, banks offer privileges to people who want to run an account together, for example, they can offer an exemption from the commission deducted for certain operations. Importantly, as part of having a joint account, you can keep any number of accounts - sub-accounts, where money can be put aside for e.g. larger expenses.

Joint account and creditworthiness

A joint account largely affects creditworthiness, a couple applying for a loan, e.g. for an apartment, becomes more financially reliable. The reason for this is very simple - the salaries of both spouses add up every month, which has a significant impact on financial transparency. Therefore, when planning the expense related to the purchase of your own M4, it is worth maintaining a joint account and choosing a more favorable offer than in the case of an individual loan application. Importantly, one of the spouses cannot take out a loan at this time without the other person's knowledge.

Joint bill and home budget

A joint account will greatly help you plan your home budget. Each party will have an insight into how much money goes to pay bills for electricity, water, gas, garbage, and how much for everyday shopping. This will allow us to assess on an ongoing basis whether we are spending too much, or whether we can try to reduce the amount of bills - in a word - the couple has the opportunity to jointly optimize the level of expenses. In addition, a joint account gives a sense of security in the event of unplanned expenses related to, for example, a hospital stay. The account kept together is also a convenient way out because neither party has to worry about exceeding the balance.

When a joint account is a bad idea

Joint account and the difference of characters

Do you want to save on new furniture, and the other party can spend half of their salary on an impulse? Then it is worth considering whether the joint account will not become a bone of contention. If a couple decides to jointly pay bills and current expenses, it is worth rethinking the two-plus-one system. 2 + 1 are two individual accounts and one joint, intended for keeping a home budget. Thanks to this, the couple will be able to jointly control the accounts, while maintaining financial independence.

Joint account and joint debts

What if one of the partners got in debt before getting married? Then the debt becomes joint. Even if the couple trust each other, it is worth considering the separation of property. This will largely help to protect the entire family against the consequences of not paying the arrears on time. The bailiff is not required to check whether the debt was caused by the fault of one of the spouses, and therefore may decide to seize all of the marriage's property. The other party only needs to submit an application for release of the account from the seizure of the bailiff (within 1 month of the seizure) and if this does not bring the desired result, go to court.

There are many benefits to having a joint account, but you should carefully discuss the matter with your partner. Despite self-confidence, it is sometimes a good idea to opt for financial separation.