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Should Spouses Have Separate Bank Accounts is dependent on their financial standings and how their taxes are to be filed. The simple and short answer is if you file separate tax returns then yes have separate accounts. This makes the tax preparation much easier. There are other reasons to decide on which is best for your relationship. If there is only one income earner in the family, the expense of having 2 checking accounts is not financially sound. This is because of the way most financial institution no longer offer free checking. The added expense each month might not be much, but over time is could cost over $100 a year. In many households that is an enough to do away with 2 accounts. The advantage of having 2 accounts is that both spouses then have a partial stake in the financial responsibilities of the relationship. Many times the bills are divided up with each souse being responsible for a portion of them. This sharing the burden can reduce the stress level around the home as long as both parties do what they are supposed to do all the time. Separate accounts also make it easier to surprise the other with gift because they will not see the money missing from the account that is not theirs. There are also clearer boundaries on individual spending. In many cases there are joint goals along with responsibilities on bills. The remaining funds are for discretionary spending that each can decide on their own. With the advancements in Online Banking each spouse can have access to the others account information so there really is no your money and my money, just our money with divided responsibilities. Should spouses have separate bank accounts is a personal decision each couple has to make. The right decision is the one that both are most comfortable with. Apart from being comfortable you must also check your priorities and financial needs. The best decision will be based on a deep analysis of your needs and option for separate or joint bank accounts. We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution. For additional resources involving financial help, please view PNC Online Banking, best bank savings rates, Westpac Online Banking and Online Banks at http://onlinebanksblog.weebly.com Article Source : http://www.onlinebanksblog.com/should-spouses-have-separate-bank-accounts/
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