Quote:
Originally Posted by Amethyst
I like having separate accounts for myself, never mind a spouse, so maybe that's why I'm against pooling. I used to have a Canada Savings Bond account from the payroll deduction plan and that was my travel / fun money. I've been contributing since I started working and never even considered it in my budget for household expenses. If I ever got the urge to go somewhere, I just looked at the account and if there was enough, just booked it. Now that the program is gone, that money goes to the same place as the household expenses, so I have to make sure I figure out how much I really can spend on fun. The old way was easier and never hurt anyone.
The other thing to consider about having at least some money in your own name, is the same reason that people consider pre-nups. Sure, it's all great now, but what if your spouse turns out to be a jerk, becomes an addict, becomes abusive. He/she could quickly dispose of all the "family" income and you'd have nothing left. I'm not sure how it works if the other person on the joint account dies suddenly. Can the surviving spouse have immediate access if one dies in a car accident or something?
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Yeah, that's the point I was making earlier. With a joint account, you have two owners, so if one dies the other can have access. With single accounts, if that person dies, the bank has to freeze the account until the estate is dealt with. I realise that's not top of mind, and perhaps seems unlikely (depending on age/health, etc.), but it would be a bad position to be in if your household spending was in a frozen account.