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Seperate Accounts - 2/6/2010 10:41:13 AM
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G-ROD
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Isnt it possible that when you are married you can still have seperate accounts in individual names?
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RE: Seperate Accounts - 2/6/2010 10:58:04 AM
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BelleWeather
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Yes
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RE: Seperate Accounts - 2/6/2010 11:31:23 AM
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WasLostAmFound
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My husband and I have had separate accounts since day 1. They're with the same bank and we had them linked. We can transfer money back and forth for the mortgage, but the rest stays separate. I pay certain bills, he pays certain bills. It's worked for us for 12 years now...and we have no intention of changing it.
There are some who will say it's "unbiblical", others will say that I am not "submitting" to my husband...it doesn't matter to us. It works for us...we're pretty transparent with our money, in other words, I know how much he makes, I know what bills he pays, etc. he knows how much I make, what bills I pay, it's not a big deal to us.
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RE: Seperate Accounts - 2/6/2010 12:06:09 PM
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W.O.F.
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Yes it is possible.
The only caveat against it would be using the term "MY money" vs "OUR money"...by that I mean using the money in a negative way against each other (and that can happen whether you have a joint account or seperate accounts).....
It often works well to have separate accounts, especially if you are two different "money types"...if one is saver and the other a spender....it keeps things on track better if each of you is responsible for certain expenses etc. It also reduces the stress on each person if they aren't constantly "fighting " the other person over whether to save or spend.
The only time it would be unbiblical to have separate accounts is if the purpose behind it is to use the money "against" each other, or to be prepared in case of a divorce. The reason I say the second is...as Christians....it would be unbiblical to consider divorce an option without valid reason to do so.
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RE: Seperate Accounts - 2/6/2010 12:06:40 PM
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Miss Giggles
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You don't have to be married to have a joint account either.
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RE: Seperate Accounts - 2/6/2010 9:54:45 PM
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stellaluna
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Of course.
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RE: Seperate Accounts - 2/7/2010 10:28:13 AM
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GroupW
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Bottom line - do what works for both of you.
The idea in marriage is to be as one. If having joint accounts helps you do that, fine.
If having separate accounts helps you avoid issues, that's fine too.
Just keep the end goal in mind as you choose what to do.
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RE: Seperate Accounts - 2/7/2010 12:15:17 PM
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SurpassingPeace
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quote:
Sure it's possible.
The important question is, what is the purpose, or what is the attitude behind it.
There are times when it may be practical or even necessary, and other times when one spouse's sin or mental issues requires it. But there are also times when it does spring out of a very unBiblical, unhealthy attitude towards marriage.
This is what it all boils down to. At first, dh wanted seperate accts because that is what is parents do. Turns out the reason they do is because mil runs up credit card debt and hides it. After he found that out, we have a joint account.
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RE: Seperate Accounts - 7/11/2010 1:10:15 AM
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G-ROD
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Im going with seperate.
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RE: Seperate Accounts - 7/11/2010 9:58:10 AM
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peace77
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G-ROD,
Have you discussed this matter with her? This subject could be included in your pre-marital counseling.
Keeping or having 2 accounts means that there needs to be money in 2 accounts. If funds are tight, it might be best to have 1 account.
Each person's individual spending money can be taken out in cash and spent as he or she sees fit.
We keep all of our funds in the credit union account that was mine before marriage as the interest rates are better. His name was added to the account and it works well for us.
If you have separate accounts, who pays the bills? Some people think that the bills could be split 50/50. But, if you make 70% of the family income and she makes 30%, that isn't really fair.
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RE: Seperate Accounts - 7/12/2010 8:21:41 PM
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WasLostAmFound
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quote:
ORIGINAL: peace77
G-ROD,
If you have separate accounts, who pays the bills? Some people think that the bills could be split 50/50. But, if you make 70% of the family income and she makes 30%, that isn't really fair.
When my husband and I were first married, I made more money...so I paid the larger percentage of the bills...he pretty much just paid his credit cards and child support and I paid everything else. Now, it's pretty much 50/50...the secret to it working is that neither party can use the amount of income as a weapon in an argument. It's NOT a power thing...it never made one bit of difference how much I made vs. how much he made...bottom line...it takes both our incomes...where it's deposited doesn't make any difference.
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RE: Seperate Accounts - 7/16/2010 3:54:51 PM
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EsonTheSearcher
Posts: 618
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From: Homer, GA
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Well, I believe it contradicts the idea a husband and should do things together. While I believe that having seperate accounts in itself is not wrong, the problem (as mentioned) will start with:
"It's MY money..". When one of you or both start this attitude (usually when finances are a problem) it is time to look at the motivations behind having seperate accounts. A joint account will keep you at least halfway responsible to your partner. Seperate accounts allow for one (or both) to acct irresponisibly...I know. My wife refuses to have a joint account. She uses the "it's my money" line. And she bounces checks every week. And then gets money from her mother to cover them. But I get the blame for the whole thing.
If one of you (or both) own a business, it would be best to keep that account in one name. 'Cause the bank can withdraw money to cover any bounced check out of a joint account that your business writes.
My brother deposited his tax refund about two years ago. He calls me pretty mad and about to cry because he discovered that the bank had taken $2k out of his account to cover a bounced check that the company his sister-in-law owned and could not understand why. So I checked on it and disovered that the bank could legally withdraw money from my brother's personal account because his wife's name was also on that account. She is also a part-owner of her sister's company.
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RE: Seperate Accounts - 7/16/2010 7:36:24 PM
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clydewolf
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quote:
ORIGINAL: EsonTheSearcher
he discovered that the bank had taken $2k out of his account to cover a bounced check that the company his sister-in-law owned and could not understand why. So I checked on it and disovered that the bank could legally withdraw money from my brother's personal account because his wife's name was also on that account. She is also a part-owner of her sister's company.
Well if your brother and his wife had separate accounts, really separate, that $2,000 debit would not have happened.
Another fix would be to have separate banks.
I will add that my spouse and I have always had joint bank accounts.
It works for us.
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RE: Seperate Accounts - 7/16/2010 7:52:39 PM
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EsonTheSearcher
Posts: 618
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From: Homer, GA
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quote:
ORIGINAL: clydewolf
quote:
ORIGINAL: EsonTheSearcher
he discovered that the bank had taken $2k out of his account to cover a bounced check that the company his sister-in-law owned and could not understand why. So I checked on it and disovered that the bank could legally withdraw money from my brother's personal account because his wife's name was also on that account. She is also a part-owner of her sister's company.
Well if your brother and his wife had separate accounts, really separate, that $2,000 debit would not have happened.
Another fix would be to have separate banks.
I will add that my spouse and I have always had joint bank accounts.
It works for us.
Well, they had a joint account...that was what enabled the bank to withdraw the money. She was listed as co-owner of the business. So when the check bounced the bank saw that her name was also on a joint account with my brother. So they took the money out of it. So they decided to take her name off the account so that would not happen again.
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but our system has always worked fine for us. It's been over 11 years now. 
MARRIED TO A MILITARY PILOT 
PLEASE PRAY FOR MY DEPLOYED HUSBAND! 
But I was stubborn and fought him on it, it was a pride thing. Over the first year of marriage I realized more and more that I could really depend on him and that he really did feel that all of our money was our money and I gave up the need to keep that account.