Separate checking accounts for married couples?

6 Replies

To the married investors out there - do you and your spouse maintain separate checking accounts? I personally would have a hard time with it. Can you really be a happily married successful investor and keep your money separate from your spouse?

My wife and I do not keep seperate checking accounts. We do have multiple accounts that we use but we each equal access to them. We are partners together and make decisions together. 

My wife and I have separate accounts.

Myself and my Wife Have all joint accounts and have equal access to all funds.

My properties have separate accounts from my personal accounts. My husband and I have both separate and joint accounts. Keep in mind not everyone starts their relationships at the same financial point in their life or manages their money the same.

All in all  I don't think joint checking accounts say anything about being happily married or a successful investor.

Originally posted by @Bennet Sebastian :

To the married investors out there - do you and your spouse maintain separate checking accounts? I personally would have a hard time with it. Can you really be a happily married successful investor and keep your money separate from your spouse?

I maintain separate accounts and I do not believe that sharing money equates to happiness and/or a successful marriage. My wife has no interest in real estate investing and therefore does not have access to anything business related. If she were interested and actively contributing to the business, that would be a different story.

-Christopher

Christopher Brainard, Real Estate Agent in NV (#177490)
All - 
Thanks for sharing. A joint checking account or lack thereof is definitely not a sign of a happy marriage or a successful investor.
When my wife and I first got married right out of grad school we kept separate accounts to maintain a sense of autonomy in our newly found partnership. It worked for awhile but the accounting became a hassle after a while and I personally felt it got in the way of intimacy. When it became apparent that we both shared a similar lifestyle philosophy, and were going to be earning roughly the same for the foreseeable future, and wanted to buy a home and raise a family together we decided it was time to go all in and combine our accounts and its been that way for about ten years. Whereas before all of this happened we had very few shared expenses besides the rent and the utilities, now most of our expenses were technically shared so it just made sense to do it.. 

She has her career and is not involved in real estate at all. My business as well as each property has its own checking account and they are kept separate but our personal funds are all combined. Its worked well for us because she generally provides the steady active income and insurance while I mostly create long-term wealth and passive income. What drives us is the idea of generating enough passive income to enable both of us to retire early and spend quality time with our kids while they are still young. I just don't see how we could achieve this shared goal if we weren't "all-in" together.

Again, not to say that its the right way or that we cant possibly retire early while maintaining separate financial assets. In fact the idea of going out and splurging on whatever we want without the other's consent is pretty appealing (isn't that the point of having separate accounts?). So if you've found a way to do this and still create a solid long-term plan for yourselves I'd love to hear more of your thoughts on the subject. 

Thanks,
Bennet
 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.