Joint Account for Couples | Pros & Cons of Joint Account |Singapore
Bank Accounts | Singapore
by Priyadarshini
10 March 2021
Many couples believe that marriage means two people becoming one. If you believe in the same theory, then maybe you also subscribe to the idea of couples having a joint account. There is no denying that a joint account has many benefits. However, managing the joint account is a key to a life without any conflicts. In this blog, we discuss the pros and cons of joint account for couples.
Pros and Cons of Joint Account for Couples:
Convenient: The admin work of maintaining bills, paying for expenses, etc. becomes a lot easier with a joint account. Especially, if both the partners contribute to various expenses for running their daily life.
Everything Under the Lens: If you have a spouse who is quite nosy in each and every expense you make. Then a joint account can be disastrous. Or if you have the habit of checking up on your partner for every single drink he buys then, things may turn a bit rough. Having a joint account will give both the partners visibility over every single dime you spend. And that’s not a good idea with partners who lack a good understanding.
Transparency: On the other hand, couples who love to share each and every detail with their partner can opt for a joint account. As it will give the relationship transparency on the financial aspect. Some couples respect the clarity in every aspect of a marriage.
Spending More Than the Other: If you or your partner are not tolerant individuals then joint account for couples can be a bad idea. If either of the partners is always picky about how much the other person is spending, things will soon get bitter. And it is absolutely possible that one person will spend more than the other. Things cannot always be exactly equal. Especially, when it comes to making expenses.
You Wouldn’t Want a Bad Fight: It may be that you are the major contributor to the joint account. However, legally your partner is a 100% entitled and rightful owner of that account and the funds. So, if things go ugly you might be in for some big trouble.
Building a Bond: If you are newly married and want to make your partner feel that he/she is truly your better half then choosing a joint account is great! It will make your partner secure trust and faith in you. And also strengthen your relationship. Financial equality is an important aspect of marriage after all.
A joint account for couples is a personal choice and individuals opting for a joint account have to carefully make their choices. It can either bring harmony to the marriage or completely ruin it. Everything depends on the two individuals in the partnership. Are you planning to sign up for a joint account? It’s never a bad idea with sensible individuals.
