LET’S TALK: Is It Advisable For Couple To Have A Joint Account – Can You Do That?

What’s your take on the joint account? Couple having a joint account and joint investment too.

A joint accountfunctions just like a standard banking account, except that two or more people own the account.

Married couples can choose to maintain separate accounts and also open a joint account in which they deposit a portion of their income that they both agree on.

This way, you both enjoy the benefits of a joint account while still maintaining the independence of divided finances.

Someone asked what is the disadvantage of joint account?

If the couple decide to separate or divorce, the funds in the joint account may be considered marital property. If the bank receives a garnishing order (seizure by garnishment), the joint account could be frozen, or in some provinces garnished, preventing the account holders from accessing the funds.

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Another person also asked can a boyfriend and girlfriend have the same bank account?

Traditionally, joint bank accounts are opened by married couple. But it’s not only married couples who can open a joint bank account. Civil partners, unmarried couple who live together, roommates, senior citizens and their caregivers and parents and their children can also open joint bank accounts.

But the question now is,

Is It Advisable For Couple To Have A Joint Account – Can You Do That?

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