One of the first decisions that many Texas couples make after they get married is whether or not to have a joint checking account. Arguments for a joint checking account are that they promote trust between spouses and provide clarity about financial affairs. When a couple maintains separate accounts, one spouse could easily spend money on things without the other spouse knowing.
People who argue that separate checking accounts are the way to go say that keeping money separate allows each spouse to maintain their financial independence. Even when money is shared in a joint account, one spouse might end up taking more control of the finances while the other spouse becomes financially illiterate over the years.
Another reason why spouses might decide to keep a joint checking account is so that they will both have access to money in the event of an emergency. Should one spouse become ill, the other spouse could easily pay the bills using a joint checking account. Some couples decide to opt for the best of both worlds by keeping a joint checking account for bill paying and separate checking accounts for personal expenses.
When a couple goes through a high asset divorce, it might become very important whether or not they maintained joint or separate checking accounts. If a couple had separate accounts, it's possible that some of the money could be deemed separate assets rather than marital assets. An attorney may be able to help a divorcing spouse with a separate checking account to protect separate assets from being lost during property division proceedings.