checking

Married with separate checking accounts

Keep a healthy relationship
Keep a healthy relationship © Ammentorp Photography/Shutterstock.com

Separate checking accounts can help keep a relationship healthy -- no one partner dominates the marriage by dominating the money.

When there is only a joint checking account, someone needs to be in charge, or otherwise, each could be writing checks, withdrawing from ATMs and spending the same money twice, says Rosemary Frank, a Certified Divorce Financial Analyst in Brentwood, Tenn.

"That, of course, leads to overdrafts and excessive fees," Frank says.

When one person has control, that easily can spill over into other areas of the relationship until an unhealthy parent/child relationship replaces the spousal partnership. You can alleviate this whole "money is power" scenario with a personal checking account for each spouse.

Recognizing that both partners have separate accounts -- no questions asked and no judgments made -- reinforces the marriage as each makes individual money decisions.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

advertisement

Blog

Allison Ross

Watch out for fake online banks

The SEC has filed an action against a fake bank that allegedly defrauded investors out of millions.  ... Read more

Partner Center
advertisement

Connect with us