It used to be customary for women to have joint accounts with their husbands. But after women started working, they also earned for themselves financial freedom and the right to make their own financial decisions. The social fabric has also changed in such a way that many couples live together without being married. This is why the tradition of joint accounts is dying a slow death.
Are You Considering Opening a Joint Account?
If this thought has crossed your head, here are a few points to consider before you act on this thought.
- Relationships are fickle these days. Our egos are more fragile than ever before and our society does not look down upon divorce or separation now. As men and women interact with each other socially and professionally, cheating has become a lot more common. This is why even married couples do not believe in "till death do us apart" any more.
- The end of a relationship leaves us poorer. This is because we invest too much of ourselves and our money in the relationship. But when the relationship ends, we are not able to disinvest completely. Assets are eroded and we end up poorer.
- When you share your finances with your partner, it stops mattering who makes more money or contributes more towards the shared expenses. This is where you lose money.
It makes more sense to share your life with your partner without sharing your finances. You should be very sure of your future together before you go down that road!