Two people coming together to live as one calls for a lot of patience and understanding. Two people born of the same parents can hardly live together for a long time without any misunderstanding, no matter how little. Talk more about two people who came from entirely different backgrounds.
One thing is that every individual is unique, as is every couple. What works for A may not work for B. The two people coming together as a couple need to study each other, find out what will work for them, and adopt the same. I have seen couples that are so open to each other to the point of having absolute free access to each other's phones. As simple as access to a phone is, it has ruined relationships and ended marriages. In this case, couples decide based on their level of tolerance and emotional stability.
In the same vein, I have seen couples that operated joint accounts successfully, and I have also seen couples whose misunderstandings arising from operating a joint account ended their marriage.
Operating a joint account has many advantages and disadvantages.
The first advantage that I will mention is financial discipline. When a couple is operating a joint account, it makes each party financially disciplined in saving into the account as agreed and also controls how each party withdraws from the account. This will help the family maintain financial stability.
This takes me to the second advantage, which is helping couples remain financially afloat. When a joint account is properly managed, it prevents the family, to a large extent, from going broke. This is achieved largely because a joint account helps keep resources for a rainy day. Not just that, it also helps couples actualize their goals easier. When both parties are saving up for an investment or buying a property, the account helps them save with spirited efforts. It helps them actualize their plan on time.
It also teaches the kids financial discipline and how to do things in unison with their future spouses. Kids learn from their parents very fast, and it is lovely when this kind of lesson is taught to them.
Just like I mentioned earlier, a joint account for a couple has its disadvantages in their numbers. For any individual, it takes discipline and dedication to save money. When two people are saving money jointly, one may be doing better at saving up regularly. If the other person is not doing enough and his or her partner is aware that there is an inflow of cash to the person but has decided not to save into the account as agreed, misunderstanding may arise, and the party that is saving regularly would feel cheated.
Another disadvantage that may arise is withdrawals being made from the account. One party may be sacrificing his or her personal needs, like attending to an individual's family needs, while the other is withdrawing to attend to his or her own needs. The person making the sacrifice would consider himself or herself a fool. This can cause friction between couples.
In the case of divorce, each party may lay claim to a substantial part of the fund while the other person disagrees. It can lead to a legal tussle.
To avoid these problems, each party considering opening a joint account should ask themselves a soul-searching question. One of the questions is about their readiness for it. Opening a joint account is not just about starting it; it's about sustaining it. If it can be sustained with the required dedication and discipline, it is worth practicing. It's a romantic venture on its own.
As for me, if at all I will consider having a joint account with my wife, it will be for a specific purpose. We may be raising money to invest in a business or buying properties. In this case, we can dedicate a joint account for it. The account will not be the income account for both of us. We will have our personal accounts while we transfer money into the joint account for the project or any other purpose for which the account was opened.
This is the same thing that I will advise couples that may find it difficult to have a joint account that houses all the income of both parties. Have a joint account in addition to individual accounts. The joint account will be funded to serve its unique purpose without much trouble. Even at that, not every couple can have a joint account, in whatever form or nomenclature. In that case, they should avoid it. Things can still be done together without necessarily having a joint account.
My conclusion is that a joint account by a couple is awesome. I love it. However, as good as it is, it can make marriage go sour if not properly managed. Both parties should have it if they are mature enough to manage it; otherwise, they shouldn't try it.