#3 The most important aspect
The most important aspect of a joint account you need to know, if you are not familiar with the concept, is that it is a joining with a partner. A partnership requires open channels of communication, honesty and consideration. It is easy to get into financial difficulty if a couple doesn’t communicate clearly about expenses. If this is a problem for you, you might want to have more than one joint account. Each individual can have primary control over the other, with one individual remaining simply as a backup in case of an emergency. As with a recent marriage, it will take some time to figure out the best options for you.
#4 Things to Consider
Of course, it’s important to use caution when thinking about opening joint accounts. This is especially true when there is no commitment to a marriage or a business in place. One example of this would be if you opened an account with an individual, added money to the account, and then the other person took the money and ran off. You wouldn’t have any legal recourse in this matter. When money is put into a joint account, all holders on the account own it. In the case of the dissolution of a marriage, the division of the money will be determined by the divorce settlement. In a partnership, legal protections would apply. You will have to fend for yourself, though, in the case of a non-marital relationship or friendship.
#5 Important Guidelines
Guidelines regarding the fate of the money in the event one of the people passes away can vary from one state to the next. The default is for these funds to become the property of the survivor unless someone contests this claim. A will naming some other benefactor may split the funds between the co-owner and said, benefactor.
It is much simpler in a marriage to have joint accounts. However, they do contain certain risks and should be completely evaluated and understood before making this commitment. Want to have your own Finance freedom? read more here