Mr and Mrs Bank Accounts

[New]

I presume you don't disclose this to clients before negotiating anything on their behalf

Men with experience in marriage know that there is only ever one winner. And it ain't you.

[AceVentura]

- go listen to horror stories of accounts being in say the husbands name and he dies suddenly leaving the wife and kids with no money as the accounts are frozen.
.

even if the wife has access to online banking?

[Vormoto]

Apart from some legalities, this separate accounts thing does not compute with me.

My view is, we have a bond in both our names, we both enjoy and eat all the food in the house, we both work hard on two kids to raise and feed them, we both travel in and enjoy the same cars and we both enjoy holidays together. Paid with money both of us worked for to do this "life" thing together. What then is the difference if I "pay" for groceries/car installments/kids school fees/fuel or she did?

Same with us as well. We have our separate accounts, Some debit orders are from my account (house, cars, insurance etc.) , and certain stuff from her account, When we go shopping, we both have each other`s Debit cards (linked) and we use whichever one is closest. there is no "your money ,my money" We just have a good understanding about the wastage of money. End of the month, whatever is left over on both our accounts we dump it into our access bond for a rainy day.

[bostoe]

Seperate accounts, separate bonds, but there is no "I pay for this and you pay for that". Swambo is very frugal with money, so I do not have a problem with her overspending. We talk things over, with large expenses like buying wheels etc.

We both generate income from the same legal entities and our personal money flow through personal accounts as needed. Security for banks, also separate

With the benefit of if one pass away, the other do not end up stranded.

Bostoe

[Half-Pint]

even if the wife has access to online banking?

On your demise the bank will freeze your account completely. The trigger event for this differs from case to case but yes even with internet banking once the bank places a hold on your account it will be paid to the estate late account and then closed nothing else.

[mullerza]

even if the wife has access to online banking?

Once the bank is alerted to your death all your accounts are frozen. So even if you keep the funds in one account, each spouse must have their own account in their own name and the ability to transfer funds in a situation like this. Once the estate is settled it will all be accounted for but there has been cases of families needing to borrow money for food while there are hundreds of thousands sitting in frozen bank accounts.

[Peter1949]

We have a mixed situation - has worked without a hitch for longer than we've been married.

My living annuity and rental income income into one account in my name.
SWAMBO has a small one in her own name which goes into a separate account which is linked to mine (ours), so I am not quite sure what happens with that linked account if I die before her - it is in HER name, just linked and I have access to it.
However all the share and ETF etc. investments are in her name, but again I control it - she does have access, but not interested in how what or why.
I control, monitor and approve almost all expenses except what I suppose is kind of small money for her own use.

I am not unreasonable with this and give a lot of leeway when possible or prudently OK.
We each have a credit card which works off the same account in my name so I scrutinize all expenses paid that way.

Short term cash is in my name (call account to 12 month fixed deposit and some in-between call accounts to take care of unexpected or future anticipated non-regular costs. (Maintenance, car repairs, medical etc.)

So a bit hybrid I guess.

I think that if it came to it she should have unbroken access to the stockbroking account in her name. There is a cash balance in there as well.

But yes it is all open to her to view, I just control it all.
She is not in any way financially adept.

I have told her that should I go first she should contact our Financial Advisor.
Mutual funeral policy in place - small one.

I hope that I have all bases covered, and yes, we do have wills - very simple and basic.

[mikeml]

Once the bank is alerted to your death all your accounts are frozen. So even if you keep the funds in one account, each spouse must have their own account in their own name and the ability to transfer funds in a situation like this. Once the estate is settled it will all be accounted for but there has been cases of families needing to borrow money for food while there are hundreds of thousands sitting in frozen bank accounts.

That's why you should have access to funds in another account even if you have a joint account. Not to derail the thread, this thread also goes hand in hand with how you are married - if you are married in community of property, then even your private account(s) gets frozen if your spouse should pass on, leaving you in a financial dilemma.

[Imvubu]

We we first got married, we both just used SWAMBO's account, because she is better qualified than I am, and was offered a better deal.

However, we eventually had to open an account in my name, as using only hers became an admin nightmare. Now her salary goes into hers, and mine into mine. She rapidly empties her account every month, and I refill it.

The debit orders for her and the kids' cellphones run on her account, and she pay the rates bills. The bond and car payments (and all the other expenses) come off my account.

[Pieterk]

For 21 years now, we have had our separate accounts. We have no insight into each others accounts or wages/ salaries. Some debit orders from my account and some from hers. I transfer an amount to her account, every month, for the household and bond. SWAMBO has her own vehicle and payments there on. Medical aid comes off her account, and insurances, policies and HP, off mine. I also make sure there is money saved for 3 weeks holiday per year etc. It works fantastic for us.

[AceVentura]

On your demise the bank will freeze your account completely. The trigger event for this differs from case to case but yes even with internet banking once the bank places a hold on your account it will be paid to the estate late account and then closed nothing else.

thanks, i didn’t know this

[AceVentura]

For 21 years now, we have had our separate accounts. We have no insight into each others accounts or wages/ salaries. Some debit orders from my account and some from hers. I transfer an amount to her account, every month, for the household and bond. SWAMBO has her own vehicle and payments there on. Medical aid comes off her account, and insurances, policies and HP, off mine. I also make sure there is money saved for 3 weeks holiday per year etc. It works fantastic for us.

Same here, but now I’m concerned that wife will
not have access to my savings and investment accounts although she has the online login details

[FantomBadger]

We had separate accounts in SA, but now share an account.

It is definitely a mindset adjustment. Very important to have and respect a budget. I message her screenshots of our statement and adjust a current actual cashflow accordingly and deduct from the initial budget.

Works well and we never have any money quarrels. It is much easier to keep track.

[lekhubu943]

....if you are married in community of property, then even your private account(s) gets frozen if your spouse should pass on, leaving you in a financial dilemma.

But surely the executor of the estate will be responsible (and will have the powers) for providing funds to cover the family's day to day expenses as well as to cover things like debit orders for insurance?

[EHoffmann]

But surely the executor of the estate will be responsible (and will have the powers) for providing funds to cover the family's day to day expenses as well as to cover things like debit orders for insurance?

nope.

[WHS]

I have my accounts, she has hers and we have a joint account.

We each contribute a set amount to the joint every month and it is used for food, household expenses , the domestic, the bond etc.

School fees come out of her personal accounts as they are her kids, not mine.

Similarly, any expenses for my own 2 adult children are for my own account. Thankfully this is now extremely rare.

Thereafter , what's left in our personal accounts is our own and never a question is asked as to what we do with it.

[Robbief]

Separate accounts but shared responsibility.

Who ever goes to the shop when something is needed, pays

Then I use and lose her card

[Half-Pint]

But surely the executor of the estate will be responsible (and will have the powers) for providing funds to cover the family's day to day expenses as well as to cover things like debit orders for insurance?

Keep in mind that the executor will need funds to do this. The process of getting funds paid from the deceased's account to an estate late account can take time.

Recently I have noticed certain banks seem to take as long as possible. I suspect two reasons:

1) The banks also wind up estates, if attorneys and everyone else other than banks takes ages to have funds paid into an estate late account our service looks very poor and the banks' service looks excellent when they wind up an estate. They continue to put the squeeze on the rest of us and we are left fighting over the scraps the banks don't want.

2) Often people will have a cheque account with a small credit balance and a credit card with a debit balance. The cheque account is set up with a debit order for the credit card's minimum monthly instalment. The bank will delay providing the necessary until the credit balance on the cheque account has been consumed by paying the minimum monthly payment on the credit card without actually settling the debit balance. One particular bank is very prone to this, in fact one might say its their standard operating procedure

[stephenplumb]

This is a can of worms....

I suggest you do whatever she wants you to do....

This seems to work well. Sort of whats mine is mine and whats yours is mine. We tried a joint account, but the bank never really went in for that sort of thing back around 2000. So we just had my wifes acc. All our assets are in her name, so officially I am a lodger, with no fixed address, bankless stateless etc. I know for a fact that I also have no credit score.

When my wife was diagnosed with Stage 4 cancer, she insisted that i open an account again. (This is one of the down sides if one spouse dies suddenly - although luckily I have no experience of this but I believe bank accounts are frozen quick smart.)

Since news of her impending death was, it turns out, premature, I am back to shovelling money into her account every month, but its not that bad, she normally gives me a R100/month lunch money, if I am well behaved.

Obviously each situation is unique. I have mostly had my own business, so I very much prefer to have no assets, and probably more NB, my wife is not prone to spending recklessly. Your experience may vary, but the idea of splitting each expense 50:50 seems like a lot of effort. i have also seen this leading to some/a lot of tension in mates of ours that follow this rule, but most of them are divorced so I guess it is once bitten twice shy sort of thing.

[Ejay]

separate bank accounts, makes life a lot simpler - go listen to horror stories of accounts being in say the husbands name and he dies suddenly leaving the wife and kids with no money as the accounts are frozen.

From a day to day point of view we cross fund each other as and when needed without keeping track of anything, we each trust the other to spend as needed so do not see the need to keep track of things

end of the month excess funds goes into the bond so it doesn't really matter who pays for what.

I fully agree and speak from experience from when my wife passed away.
My advice to youngsters nowadays is "Don't get married in COP and Die first so that you are not left with all the paperwork"