Do Separate Bank Accounts Lead to Separation?
Some couples decide to keep their finances separated after they marry. They maintain separate bank accounts and even divide the bills up each month, each contributing their share of the household expenses. Is this a good idea or do couples who do not share their money get divorced more often?
I am not sure. If either the husband or wife is not comfortable with keeping individual bank accounts during a marriage, then it can become a problem. Sharing your money with your partner is the ultimate sign of commitment. It is also a sign of trust to put your money together with your spouse and make decision together concerning purchases and finances.
A partner who refuses to allow his or her partner access to bank accounts, investments and other assets may be someone with something to hide. Any assets acquired during a marriage are considered martial property, so why hide them? Marriage is about commitment and sharing. But
if both parties are happy with keeping the finances separated and and it works for them it should not have any negative impact on their marriage. This is defintely an issue that should be decided and agreed upon before getting married to avoid any conflict later.
8 comments:
As a Rhode Island Divorce Lawyer and Premiere divorce coach I can tell you that many people prefer to keep their finances in separate bank accounts. Whether this is an indicator of a lack of a commitment to one another has yet to be seen. Ultimately it must be judged on a case by case basis. However, it is certainly something that both people in a marriage should be clear about and agree upon wholeheartedly before they get married. For those who are used to managing their own lives with a great degree of independence, it shouldn't affect their marriage. However, when one person has a great degree of independence and the other does not, it could spell trouble. This was a fairly good analysis. If you'd like, you may check out more information on divorce at www.RhodeIslandDivorceTips.com
My best to you and all your readers.
Attorney Christopher A. Pearsall
Divorce is a piece of paper that allows someone to remarry and for most separating couples is therefore of little consequence to begin with. Instead it is used to confirm financial settlements or allow the courts to help broker deals or determine arrangements where agreement has proved impossible.
I found this advice very useful when going though my divorce. I never knew how much impact joint finances had.
www.mycreditstatus.co.uk/separation_divorce.html
Separate bank accounts help, because it allows both parties in the marriage to be responsible for their own money, and to collaborate on bills. I don't think sharing a single account is going to keep anyone from seeking advice for divorce. Thats all dependent on the feeling of the relationship as a whole.
Great Article! If you want to learn more about this topic you should read
Divorce-Money Matters, A Planning Guide For Women on Financial Matters Contemplating or in Divorce.
It had lots of good information and was very convenient to have during my divorce.
http://www.amazon.com/Divorce-L-Burke-Files/dp/0982372310/ref=sr_1_3?s=books&ie=UTF8&qid=1292948581&sr=1-3
One of the main causes of divorce disputes is the divorcing couple's individual and joint finances. While mediation and court hearings will determine a financial resolution to the divorce. From the point you separate it’s advisable to set up your own separate bank account and have your salary paid into it. If you’re still sharing costs, such as the mortgage or costs for the children then you can pay your share of these costs from your separate account into the joint account. Transfer your share of mutual financial assets out of shared bank accounts into your new, individual bank account. Keeps a detailed record of any money that you transfer out of your account, as it may be a contested issue in a divorce proceeding.
I believe both partners should respect each other's decision. If one of them wants to have a separate account, there is no harm in it.
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