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NW Missouri | Johnienhuis - 12/6/2023 10:22
JM14 - 12/6/2023 10:04
My wife and I are newly married and have a meeting with the bank next week regarding joint bank accounts.
I have a personal account which my off farm job direct deposits into and also a business account that I run the farm from.
My wife also works in town and has her own personal account.
What are the pros and cons of combining accounts? Which accounts should be combined, if any at all?
Currently I transfer most of my town jobs earnings every month to support the farm account. We are on the same page to grow the farm together but are looking for opinions.
Thanks in advance.
If you are married, then act like it.
I agree 100%. When I said till death do us part, I meant it, and so did my wife. We have complete trust in each other and if that wasn't the case, we wouldn't have gotten married. What's mine is hers and what's hers is mine. We do keep separate accounts for personal versus farm, but they are both OUR accounts, not hers or mine.
I hear coworkers talking about how I pay for this bill and my spouse pays for that bill, or my spouse gave me money for my birthday, and I just shake my head. Yes, divorces can happen unexpectedly, and yes I'm sure if that happened, it would make you jaded going forward - but I'm not going to live my whole life keeping separate accounts, and dealing with all those headaches on the very small chance that we might someday get divorced. Actions do speak louder than words, and wanting to keep separate accounts would be a huge red flag, at least to me. | |
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Combining Finances
