Joint or Separate Bank Accounts?

Both. We have a joint account and the vast majority of our paychecks, and all our bills, go into that account.

We each also have a small bank account where we deposit $50 each per paycheck. That's each of our money to spend as we please - generally on things that are only for us. So if I go out with the guys for some beer after work, it comes from my seperate account. Wife wants to go with her chick friends to see a chick flick, it comes from her seperate acct.

We have one bank account which I haven't seen in 30 years.

Whatever works for you

We do joint cause only one income so it'd be dumb to have separate.

We have only joint accounts. We don't actually buy anything with the accounts - put everything on CC and pay it off. One account pays bills and contains extra cash for emergency, one account pays off the card. I manage the accounts and bills because it is easier for one person to do it rather than risk a mix up. I could see how you would divide the bills if you wanted to separate accounts, though.

To me it just comes down to how you and your s/o feel about spending money. It seems many in here want to keep their purchases private from their spouse - we don't really feel the need. I don't scrutinize all my wife's purchases and she doesn't concern herself with mine. If it's anything big, we discuss it first. I look at it like this: the money is both of yours anyway (at least in LA, unless you have a prenup). Why do I need to separate it?

Wife both work and we have one account that all bills come out of. We talk about and agree on extras which is usually easy.

Our best friends have separate accts and that works for them. I think he pays for the house and utilities and she buys the everyday stuff like groceries and household items. He obviously makes more.

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It seems many in here want to keep their purchases private from their spouse - we don't really feel the need. I don't scrutinize all my wife's purchases and she doesn't concern herself with mine. If it's anything big, we discuss it first.

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I don't look at it that way. For example, our 10 year anniversary is 12/29. I've already spent a significant amount of money on hotel, spa, car, dress, etc...

I do not want her to be able to login to the bank account and see what I'm planning. I also don't want it to be "our" expense. These are things I'm buying for her, and putting it on the CC, or paying from it out of our joint account is essentially both of us paying for it. Same with christmas presents for her. Or the new TV I bought for me.

we pay the bills we agree to pay, contribute to our kids and retirement account, and spend the rest as we want. IMO, spending disposable income from a joint account is the source of so much anxiety in many marraiges, and we just don't have that.

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spending disposable income from a joint account is the source of so much anxiety in many marraiges, and we just don't have that.

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I 100% agree.

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We are joint only. It works and promotes transparency and honesty about family finances. I wouldn't want it any other way.

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Same here. We have joint. I don't think either way is best. Joint is best for us. We make enough to not have to worry about what each other spends though (No OT balla). Also, at Christmas etc we just don't check the account. It makes life so easy having less accounts to worry over.

Like I said, it is best for us.

Regarding community property: it's not that simple. Inherited funds aren't considered community property....if you inherit (esp managed assets), chances are a simple joint account or two won't suffice. Ditto for retirement savings brought to the marriage (generally speaking). Separate accounts have nothing to do with your marriage's suitability or level of commitment, and everything to do with your personal level of financial complexity.

If you got married at 20 with no assets, then maybe everything is indeed truly community property. But the average age of marriage in the US is now something like 27 or 28...old enough to have retirement funds, multiple degrees, and a professional career well under way. Throwing all the dough into a joint account is too simple for many.