With the divorce rate currently hovering above 50 percent, we have to begin evaluating the various sources of discord and discontentment. One of the sources typically cited by those counseling couples going through divorce is the area of finance. As I personally consider my understanding of marriage and its symbolism of two people becoming united as one, I wonder if any insight on financial trust can be gained in how two people manage their bank accounts.
I’ve personally had a chance to discuss this topic on a couple of occasions on my Chat Kafe Radio Show (www.chatkafeonline.com), and have heard examples of couples who have successfully structured their finances both jointly and separately. As more men and women are waiting until later in life to get married, the number of them bringing assets into marriages is increasing. As a result, there is an innate desire by some who have worked hard to accumulate these assets to “protect what is theirs.” According to a survey conducted by Raddon Financial Group, 48 percent of married couples have two or more checking accounts between them. Another survey echoes this sentiment: 36 percent of married couples have both a joint account and separate accounts, while 16 percent maintain separate accounts.
My preference is to maintain a joint account with separate accounts for personal spending. Maintaining separate accounts in order to address trust issues isn’t the right method to consider. Communication and/or marriage counseling are the appropriate methods for addressing trust issues.
What are your thoughts on joint or separate bank accounts? I’d love to hear from you.
Kenny Pugh is a Life & Relationship Strategist, Author of ‘Can You Do It Standing Up?’, Associate Minister, Chat Kafe Radio Show Host, singles leader and sought-after speaker on singleness, relationships, finances and life. You can find more information about Kenny at http://www.kennypugh.com. You can follow him on Facebook at Kenny Pugh or on Twitter @mrkennypugh.