Q&A: Bank accounts

May 10, 2001: 9:07 a.m. ET

Points to consider before you and your spouse-to-be merge bank accounts

NEW YORK (CNNfn) - You're thinking about opening a joint bank account with your spouse-to-be to make the post-marriage financial planning a little easier. And then you hit a roadblock. You realize that you and your partner have very different financial styles. So what's the solution? We asked Phil Cook, a certified financial professional in Torrance, Calif., for his advice.

Getting married is an exciting event. But it also requires some tough financial decisions after the honeymoon is over, from setting budgets to merging bank accounts. CNNfn.com has lined up a team of financial planners to help. Send us your questions at weddings@cnnfn.com. Those that are answered will appear as Q&As from May 7 - May 11 on our special report, Weddings: A guide to getting hitched.

Question: I've heard or read several times that every woman should have her own separate checking account. Why is that? It's easier for my husband and I to manage our money if we only have one joint checking account.

Answer: Considering the checking account fees banks are charging these days, I'm not sure whatever benefits that might be derived are worth it. A few reasons why you might want to have your own checking account come to mind. However, it seems they would only be useful in limited circumstances. Consider the following:

1.You would like to establish your own financial identity. Does your

husband have bad credit? Does your husband have outstanding obligations incurred prior to the marriage that are past due?

2.You are concerned that your husband is not fiscally prudent and feel he

might spend money that is earmarked for other obligations.

3.You want to have some money that no one else has access to in the event it is needed for any reason you decide is appropriate.

4.You have inherited or been given some money and want to keep it as your separate property. If this is your objective, you should not commingle the

inherited/gifted money with community money.

There may be some other valid reasons for establishing a separate checking account when it comes to outstanding debts, judgments or other obligations.

You would have to look to the specific laws in your state regarding these

issues as they can and do differ from state to state. However, if you have

a good man (and I've been told they're hard to find) with whom you discuss and generally agree on your saving and spending decisions, I think one checking account per couple is enough.