Tips for a joint account after marriage
A joint account for the household budget can be practical. If you want to move in together after the wedding or even buy or build a home together, then many organizational things can be made easier with a joint account: the couple has equal shares of the complete power of attorney over the account and can thus also pay independently of each other on site.
With a joint account for spouses, however, there are a number of things to consider. We have compiled the most important facts for you.
Joint costs – joint account
Living together brings many costs with it. Rent, utilities and big purchases: in most cases, married couples share these costs equally. Both then regularly pay an amount into a joint account, also called an or account, and joint expenses are paid from it without the partners having to discuss shares of the expenses. Many couples keep their own checking account in addition to the joint account in order to also have money available that only they are entitled to: the amount that goes into the joint account is best determined precisely by the couples.
For partners with different income levels, the share can be set as a percentage of the necessary monthly costs – this way, the financial burden for joint expenses rests fairly distributed on the shoulders of both spouses. The sum in a joint account is then due equally to both partners. If the account is overdrawn, both are equally responsible for balancing the amount. This also entails enormous risks.
The couple jointly disposes of the account
The half/half rule applies even in the case of separation: if one partner withdraws z.B. If the spouse withdraws a large amount from the account shortly before the separation, he or she must reimburse the other partner for the difference. In the event of the death of one of the partners, the disposition of the joint account passes to the remaining partner and the heirs of the deceased partner in equal shares.
It becomes more complicated when one of the partners inherits a large sum of money and the money flows into the joint account. Then a gift tax must be paid, as the partner now participates in half of the money. It is essential to declare these amounts in the declaration, otherwise you run the risk of being held liable for tax evasion. This applies not only in the case of an inheritance, but also when acquiring large sums through other income. The allowances are significantly higher for married couples, so a joint account is more suitable for married couples, where large sums flow into the account.
The conditions of current account providers
It pays to compare! A joint account as a married couple is taken for granted by many. Because often it is not only about the expenses of the joint household, but also about expenses for the children. Then it is too complicated to share each bill. If the couple trusts each other 100 percent and communicates well, a joint account is a good decision.
Our tip: get good advice from your bank and weigh up the offers from different banks: even with this type of account, it is worthwhile to pay attention to the costs, the amount of the overdraft and interest rates, as well as the conditions. All agreements on conditions are then recorded in writing, so that in the event of a dispute, there is clarity about the rights of both partners.
The account with two powers of attorney and the daily or. Fixed deposit account
The alternative to the joint account is the account with two powers of attorney. Here, the person through whom the account runs bears full responsibility for all expenditures – but another person has the same access rights. Such a model is suitable, for example, for couples who have two different incomes. The account of the higher earner can then become the account with the two powers of attorney, through which most of the expenses for the joint household run. To contribute to the common maintenance, the one with the lower salary can z.B. Paying a monthly amount into a call or fixed deposit account, from which larger – but longer-term plannable – expenditures are made.
Our tip: even if both partners agree to forego a joint account, a daily or joint account is still possible. A fixed deposit account is a good alternative if long-term joint sums need to be saved – for a car, a house or the children's education.
Sharing expenses for the wedding
In the rarest cases a couple keeps a joint account before marriage. The expenses incurred for the wedding, however, correspond to costs that concern both of you and should therefore, if possible, be borne jointly by you. In the case of different incomes or assets, the larger share is normally taken by the wealthier partner. Many weddings are additionally supported financially by parents or loans. No matter how you solve the financing of your big day and honeymoon, talk about how you will split the costs, how much money you can and want to spend. Money is for many an unpleasant and unromantic topic, but for a smooth and harmonious start into a life together these conversations are indispensable.
Our tip: make a budget plan. For many couples, the bride and bridegroom will have different priorities. So make compromises. Price comparisons are ideal for this!