Serving Bucks County and Surrounding Areas
P: 215-348-2605
Goldman Law Offices

Pennsylvania joint bank accounts

Newly married couples should consider all of the benefits and drawbacks of joint bank accounts before deciding how they will handle their money. Joint accounts encourage the couple to communicate about all expenses, but this can lead to fights if one party is a saver and the other a spender. Keeping all of the couple's money in a single account also makes it easier for them to keep track of their budget.

In many cases, though, joint accounts may not be the right choice. This is especially true if one party received an inheritance with stipulations on how he or she may spend the funds. Keeping the money in a separate account could also protect it if the couple files for divorce. If both parties' names are on the account, they would each receive half of the money in a divorce.

The solution may be to do a combination of these. Since many bills are joint endeavors, such as mortgage and insurance payments, keeping a joint account for paying bills may be the way to go. The couple may wish to keep two separate spending accounts, though, for everyday purchases. This allows them to maintain their financial independence without angering each other about spending habits. They may wish to put both of their names on all accounts, however, to ensure that both parties have access in case of emergencies.

Many people going through a divorce find that the division of marital property is one of the most contentious issues that they face. An attorney can often assist a client in negotiating a comprehensive settlement agreement that covers this matter and then submit it to the court for its approval.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Goldman Law Offices

90 E. State Street
Doylestown, PA 18901

Phone: 215-348-2605
Fax: 215-348-5247
Doylestown Law Office Map