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Joint Accounts?

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Senior Contributor

Re: Joint Accounts?


@k_dub01 wrote:
So I recently got married and during a mini budget meeting, we decided I would be the one to take over the bill paying. The plan is to put the monthly amount for our bills in a checking account and disperse that way. Here’s my concern, my husband was previously married and is on child support and although I know he wouldn’t get behind intentionally, if life happens and he’s out of a job or something else, he would. Would it be better to have the account under my name only and he be a signer on it or what other options are there? I’m concerned about merging things with the “what if” scenario happening one day.

If circumsances change such as losing a job or a reduction in his income then he should go back to court and request a reduction in child support and then if he gets a job or a siginificant increase in income he goes to court again and has the amount increased.   The family court will work with him so that he is paying the approiate amount based upon his income. 


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Message 11 of 15
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Frequent Contributor

Re: Joint Accounts?

This website is a great resource for so many things financial related and certainly there is a some good advice in this thread.

 

The best advice I have seen is that you talk to your lawyer - both about your concerns related to the CS and in the event that the relationship goes south. 

 

As this touches a bit on my own life - well - I'm not ever getting married again while minor children are involved and maybe never married again in general.  

 

Divorces just have too much potential to negatively impact one's life and one nasty divorce was more than enough for me but I wish you all the best and - go talk to your lawyer!

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Message 12 of 15
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Senior Contributor

Re: Joint Accounts?

DW and I have 1 joint  account with very low  balance for quick emergency cash.  Regular Checking is seperate.   Credit cards except Sams are all seprate.   I pay all our bills personal and biz.  We use almost no cash but for lottery tickets.   Credit cards are a pull payments.     We have a little black book with credit card numbers and log ins.  We use the best rewards card for each purchase.  We write checks for biz only and not many of those except employees wages. 

Message 13 of 15
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Valued Member

Re: Joint Accounts?

Thank you so much, all of you! I have a legal plan through my job and I’ll be reaching out to them ASAP. I always come to MyFico with all my financial matters and everything I’ve learned here is so invaluable.
Message 14 of 15
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Established Member

Re: Joint Accounts?

I went through this with my husband and he was never behind when we were together but they went back to before our marriage and found out he owed around $1500 then took it out of our joint account.

 

My answer would be to keep checking accounts separated until he is no longer paying child support.

If you want you can set up a third account for both of you to add to for savings and bill pay.

 

Also, if he ever gets behind and they try to take it out of your taxes you can claim injured spouse on your taxes and they will be forced to take it only out of his portion of the taxes instead of all your taxes. 

Message 15 of 15
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