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Will separate bank accounts create a happier marriage and prevent divorce?

 Posted on December 00,0000 in Uncategorized

Will separate bank accounts create a happier marriage and prevent divorce, divorce, divorce finances, martial assets, bank accountsOne of the most common reasons for divorce, along with cheating, is financial issues. Studies show that couples who argue about money are more likely to split.

Although the number of married couples opening separate bank accounts is increasing (a TD Bank survey shows that 42 percent of couples have both individual and joint bank accounts), it remains taboo for spouses to maintain individual bank accounts.

However, there are several reasons that married couples should go against the grain and opt for separate bank accounts:

  1. It can keep the peace in your marriage. Couples often differ on how, when, and where to spend money and what to invest in. One spouse may be more of a saver and the other spouse may value spending. This can cause tension in the marriage as both partners argue over the spending habits of the other.
  2. Debt. If your partner was in debt in the past, it may be best to have a joint account while maintaining an individual bank account on the side. This is because people who were previously in debt risk falling into debt again. In addition, if your partner is currently in debt, having an individual account can allow you to save some money and prevent your spouse from spending it.
  3. Autonomy and independence. When individuals marry, they share everything: a home, a bed, and an entire life together. Having separate bank accounts can allow them to maintain some financial independence and have some sense of autonomy intact—which can prevent spouses from feeling stifled by each other.
  4. Trust. Many believe that when couples only have joint bank accounts, it shows that they trust each other. However, having separate checking accounts portrays the trust you have in your partner spending wisely. And if he or she does not spend wisely? Then you can relax knowing you have an individual, protected bank account with funds your partner cannot access.
  5. Divorce. In the case of a divorce, having separate bank accounts would prevent your spouse from accessing your funds temporarily. In addition, individual checking accounts allow couples to pay for legal and daily expenses while a divorce is pending.

Why women should have their own bank accounts

Women should further consider having their own bank accounts because not only does it strengthen their confidence, self-determination, and self-independence, it can help them if their relationship is in trouble. Jeff Landers, a divorce financial strategist, finds that in his experience many women’s husbands empty a joint bank account when a divorce case is pending. Even if you and your spouse have a strong, content relationship, you leave yourself financially vulnerable when you depend on a joint bank account and rely on your spouse to handle all of the household funds. And with women experiencing a significant decline in their incomes following divorce, your financial future is even more at risk if you do not have control over your own finances.

What works well is unique for every married couple. However, since there are benefits to having a joint and separate bank account, an arrangement that includes both may be best.

Aurora Divorce Attorneys

Although strong financial planning and separate bank accounts can help ease the marital tension that could lead to divorce, they are not the solution for all relationship issues. If you or someone you know is considering divorce, contact one of our well-qualified Kendall County divorce lawyers today.


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The Law Office of Matthew M. Williams, P.C.


1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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