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Are joint accounts a bad idea?

Posted on: 09th Dec, 2012 11:13 pm
My soon to be fiancé and I lived together for 2 years and now we are separating. We have had joint accounts. Apparently, I'm stupid for having joint finances? My co-workers all have separate accounts from their wife/husband, and say that its not smart to have joint accounts. We are both pretty frugal, keep our DTI very low, and splurge on couples things. Are joint accounts a bad idea? Maybe when we have more than just 7k in the bank it might be tragic if she somehow took all of that money and ran one day, but I live in MI where its all 50/50 regardless of what accounts they are on. Should I worry about anything?
Hi Mobin,

The situation may vary from person to person. As both of you have managed your finances well and maintained a frugal lifestyle, I don't think that having a joint account will be a problem for you.

Thanks,

Jerry
Posted on: 10th Dec, 2012 12:53 am
Hi Mobin!

Welcome to forums!

I agree. Situations vary from person to person. As both of you have been responsibly managing the finances, I, too, don't think you will face any problems because of the joint account.

Feel free to ask if you've further queries.

Sussane
Posted on: 10th Dec, 2012 07:25 pm
Joint account is very useful and convenient option. In the event of death of any account holder, a joint account comes very handy. However, both the account holders should make a vow that they would not use the account irrationally.
Posted on: 10th Jan, 2013 10:15 pm
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