2 thoughts on “Four ways for organising family finances”

  1. Given that one in three marriages ends in divorce, it would seem that trust is frequently broken. One partner can empty the joint bank account and run up bills on joint/secondary credit cards and the other partner is powerless to stop them. I’ve seen it happen. The bank will do nothing as the account is joint. I’ve known a credit card company refuse to close an account where a couple have split, until both parties handed in their cards. One party went on spending to spite the other.

    Err on the side of caution and have your own bank accounts and your own credit cards and have a joint fund for household finances. If trust is there in the first place this will not crush it. Finances can still be discussed and an appropriate amount put in the joint bank account. Each party is left feeling that they are still in charge of their own finances. If the worst happens at least both parties have an account they can still use.

    1. Charis, good to hear. I can see the point you are making – I know somebody who had thir joint account frozen when separating, so could not get any money out (given substantial contribution to the account). I suppose as with many other things it is a precarious balance between trust and openness, and a level of independence.

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