Joint Account - good idea?

ZeroSum

It's normally the other way round that the one which a good financial history not wanting a joint bank account with someone with a poor history. 

We're in a similar situation, she just gives me a set amount each month, and I just buy all the joint stuff whilst she sorts out her debts

J_B

Would it be beneficial (financially) to you if partner lent you money to pay off debts?

If you are paying 20% on C Cards and 5% (?) on loans, and they are getting 0.5% from their bank.

Or is that a step too far for your relationship????????????

StrugglingNurse

ZeroSum said:

It's normally the other way round that the one which a good financial history not wanting a joint bank account with someone with a poor history. 

We're in a similar situation, she just gives me a set amount each month, and I just buy all the joint stuff whilst she sorts out her debts

I know, I just feel why should they suffer because of my bad luck / bad choices.

Roger.Wilco

StrugglingNurse said:

I know, I just feel why should they suffer because of my bad luck / bad choices.

It appears that there is a lot more behind this question of "Joint Account - good idea?" than just the mechanics and pros & cons of the Joint Account itself...

Do yourself and your partner a favor and talk between yourselves at length and in detail the motivations, reasons, visions, concerns, embarrassments, struggles, challenges, thoughts, etc... about why your partner is offering a Joint Account and why you are reluctant for such an idea.  If you cannot do it between yourselves - enlist a trusted mutual friend or couples councilor.

Joint Accounts do have pros & cons from a legal point of view and for some couples are a way of minimizing effort by providing shared utility.  However, Joint Accounts can also be an an extension to relationship emotions: expression of bonding "we're in this together for the long haul" to control "an easy way to enforce financial control" to love "I can help you sort your bad luck" ...

Personally - I would _never_ agree to _only_ having a Joint Account - but a Joint Account as a tool in a bigger financial toolbox - I would consider along with the rules regarding responsibilities and how it should be used by both parties. 

My parents _only_ had a Joint Account from their marriage in the early 1970's until when my mother passed in mid 2000's and it worked for them up _until_ probate when the Joint Account was frozen for 6months while the estate was being executed.  End result was that my sister had to pay for my fathers day-to-day spending until the Joint Account was unfrozen - despite everything being left to my father.

Emmia

StrugglingNurse said:

And yes, the reason for the joint account is for practical reasons such as food shopping - put money in every month and that would be for us. None of the ‘you paid for shopping last time or this meal’.

We got a joint account 6 months after moving in together, for exactly this reason - I earn (and earnt) less than the OH and tbh resented being the person who made sure groceries were bought for dinner, and found it awkward to constantly be "settling up". We now have a joint mortgage too - but both of us have our salaries paid into our personal accounts - I'm not one for pooling everything.