HOT TAKE! Joint checking account or keep it solo?

If you've recently found "the ONE", congrats, that's wonderful news! But before you rush to combine everything - including your finances - take some time to consider the various options and what's best for your situation. Every couple is different and what works well for your friends may not be right for you. Plus, each scenario comes with its own potential risks and rewards.

Here are a few questions to ask as you decide whether to "couple" those checking accounts:

1. Are all our expenses now shared? If you're sharing a single household and already make it a habit of budgeting together to make sure your must haves are taken care of each month, then it may be simpler to consolidate accounts as well. However, if there are large individual expenses such as childcare or alimony that you want to remain separate, keeping it solo may be a better option.
2. Where is the money coming from? It's not unusual for one individual to earn significantly more than another in a relationship. Is your spouse taking some time off to stay home with the kids? Then, it likely makes sense to share a single account to ensure both of you have access to the funds you need for daily life. Even those with similar incomes may prefer the convenience of having just one account to avoid having to transfer funds each month or splitting regular payments.
3. Who can withdraw money, and how much? Before you combine accounts, remember that EITHER of the joint account owners can withdraw ALL the funds available at any time without the other's consent. Still new to this relationship? You may want to hold off before giving your sweetheart access to 100% of your account funds. Unfortunately, fraud on dating apps and in real-life continues to be a real risk.
4. Are there other reasons to keep some or all of my funds seperate? Even for long-term couples, there are plenty of exceptions out there to the traditional joint checking account. For example, does your partner have a small business? They may prefer or even be required to keep some of their funds seperately to cover business expenses. Is one partner a whiz at staying on budget while the other tends to overspend without even noticing? You may be a happier couple if you maintain at least some of your funds in seperate accounts. This can ensure the basics like housing payments, utilities, fuel, food, insurance, etc. are always covered while leaving both partners with a small amount of "fun" money to spend each month.

No matter what your relationship money style is, it should start with clear communication and realistic expectations.