5 Reasons Not to Open a Joint Checking Account with Your Spouse
The State Can Seize Your Bank Account Due To Child Support Payments
This applies if your spouse is also a non custodial parent of a child. You don't want to wake up one morning to find that the bank account is frozen as the state prepares to take the money out of it due to your spouse's child support issues. Anything that has your spouse's name on it that owes back child support can be seized by the state. You need to make sure to keep your money safe from that so don't have a joint checking account.
Education Loans
Your bank account can be seized for any education loans that have gone into default. You could wake up to find that some of the money is gone from your bank account if your spouse lies to you about making his or her loan payments.
The Government Can Take Your Money For Back Taxes
Taxes that you owe to the government can result in your bank account being seized. Your spouse could end making you broke due to tax issues. The government considers bank account money as a method of a way of collect.
You Won't Be Able To Get A Bank Account If Your Spouse Bounces Too Many Checks
If your spouse bounces too many checks on the joint account then it goes against both of you. You don't want to end up being labeled as someone that doesn't know how to manage money when it is the fault of your spouse.
Your Spouse Could Empty Out The Bank Account Without Your Approval
Each joint account owner usually has just as much rights as you to withdraw everything out of it . He or she can even close the account and leave the state. Your spouse might be a con artist that takes your money when you least expect it to happen.
The main reasons to have your own bank account is to protect yourself from child support burdens, taxes, and prevent spouse from emptying your bank account. You shouldn't have to deal with the mess of your spouses irresponsible money decisions from the past.
Published by Michelle Knudson
Michelle is a freelance writer who has sold and published over 550 articles. Her writing strengths include, business, financial topics and relationships. You may contact her at michelle@michelleknudsonwrite... View profile
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2 Comments
Post a CommentThis article makes me sad because it assumes your spouse is dishonest :( My husband and I have a joint checking account, and I love that it means we are sharing everything with each other - even our finances. I hope it doesn't one day backfire!
We have separate bank accounts just because we've never considered having a joint one.