Ease of Managing Money

• A bank account held jointly by you and your spouse can streamline the management of household finances. You will not have to worry about transferring money between accounts to pay bills or build your family savings. If both you and your spouse contribute to the family income, a joint account also permits you to keep a larger balance in one account, which can help prevent overdrafts and bounced checks that can incur fees.
  
  

Right of Survivorship

• Joint bank accounts typically have a right of survivorship, which means that when one spouse passes away, the surviving spouse automatically becomes the possessor of all of the funds in the account. A right of survivorship provision allows the transfer of ownership outside of probate. Absent a will, most of your other assets go to probate court when you pass away, and a probate administrator determines how the funds should be distributed among your surviving family members. By avoiding probate through a right of survivorship provision, a joint account gives your spouse immediate access to the funds, and can keep funds in the account from being awarded to others.
  
  

Lack of Individual Ownership

• Some married couples may find the dual-ownership nature of funds held in a joint bank account unpleasant, since both spouses own and have access to all of these funds. One spouse may feel that she cannot make discretionary purchases without the scrutiny of the other. A spouse may dislike not having a portion of the family income that is solely hers, which can lead to finance-related arguments.
  
  

Bank Garnishments

• A joint bank account may create greater financial problems if a creditor obtains a judgment for an unpaid debt and decides to garnish the account balance to repay the debt. In states without community-property laws, each spouse owns his or her own assets, including income. In these states, creditors typically cannot collect from one spouse to pay the other spouse's debts. However, if both spouses deposit income into a joint bank account, it can be difficult to show separation of the funds for the purpose of protecting the non-debtor spouse's money from garnishment.