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How Many Bank Accounts Should You Have?

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Post Author Image This article was reviewed and approved for publication by Attorney Charlotte Christian.

Finances can often become a source of tension for many couples, in marriage or dating. Whether you and your spouse are happily married or looking to start the divorce process, you may be wondering how many bank accounts you should have. Read our blog to learn more.

Discuss with Your Spouse

Since money can be such a hot-button topic for many couples, it is vital to discuss your bank account with your spouse. Talking about whether or not you should have joint accounts or how you spend your money will prevent many issues later down the line.

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Your Bank Accounts

At a minimum, you should have at least one savings account and one checking account for yourself. Multiple accounts will allow you to use your debit card whenever you like and give you a place to save up for emergencies. 

To figure out how many bank accounts you should have, you should set financial goals. Do you want to pay off your debt? Is it vital for you to have a college fund for your children? Are you planning on traveling? Pinpointing your goals will help you decide the number of accounts you need.

There are many different ways to split up your finances into other accounts. By investing in a 401(k), a retirement or non-retirement investment account, or a college-savings account, you could create a safety net for yourself further down the line.

Bank Accounts for Married Couples

There are a few ways you and your spouse can handle your money. You could have separate accounts and split up bills or one joint account that you both use. Or, you could even have your own different accounts with one joint account you pay bills with.

Having a joint account in addition to your personal accounts could be beneficial for you and your partner. Additionally, a joint account gives you access to funds in the event either of you were to pass away.

However, there are also benefits to having your own separate accounts. No matter how you choose to handle your finances, it is recommended that you have both a checking account and a credit card in your name.

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Bank Accounts for Divorcing Couples

If you and your spouse are looking into getting a divorce, money will most definitely come up throughout the process. Depending on how you set up your finances while you were married, you may have some problems during the divorce case.

You may want to go ahead and set up a savings account or emergency fund in your name before the divorce process. Having your own account will ensure that your spouse does not have financial control and that you can care for yourself after the divorce.

When you go through the divorce process, you and your spouse will likely need to start withdrawing money from the joint account if you have one. But remember – just because an account is in your name does not mean that it will all go to you after the divorce.

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Set Yourself Up for Success

The best way to prevent losing any money during the divorce is to ensure that you and your spouse get a prenup. Getting a prenup may seem silly when you’re getting married, but it can save you a lot of headaches in the event of a divorce.

You should also be sure to have discussions with your spouse about your spending habits and how you both want to handle your finances. Being open and honest about your money may prevent fights about money and help your marriage.

It may be helpful to speak with a financial planner, especially if you or your spouse have a high net worth. A financial planner will help you set up your finances in a beneficial way to you both.

Speak with an Attorney

Money problems are no joke, especially when getting a divorce. If you and your partner are planning to divorce, it may be helpful to speak with someone who knows exactly what you should do concerning your finances and your divorce.

At The Law Offices of Charlotte Christian and Associates, we are here to help you through your divorce. We will help you understand the best processes for splitting up your money and planning for your future – no matter what. We will be by your side every step of the way.

Connect with us online at or by phone at (256) 859-7277. We will protect you from an unfair divorce, and we’ll make sure that your today is better than your yesterday.

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