I don't know why anyone would say that having a joint account would breed distrust. It seems the opposite to me. If each partner had separate accounts there would be no accountability between them If your spouse was gambling or doing excessive shopping instead of paying the bills, you wouldn't know until it was too late. All of the accounts, whether money accounts or bills, are in both of our names jointly. Either can see the balances, know where money is being spent, know the amount of debt. Why should you hide those things unless you were doing something you didn't want your partner to know about. If your are partners in running a household, you need a budget and some idea of how you will provide for your future. It should be a joint effort. Also, if something would happen to either partner, the other would be in the dark as to the state of their finances, or maybe not even know about accounts if you don't share them.
I definitely would agree with this.
When you are married, the statement that "mine is mine and yours is yours"should be forgotten. When we are married, we became one. Therefore, everything should be conjugal. So is the money.
Everytime I receive my salary, I always make sure that I give it 100% to my wife. I just ask from her when I need something. My reason is, she is the one left at home so she knows what is needed at home.
How do you manage wealth well? WIFE.
I try to give the best logic here. Single status is a status that does not have a financial burden (shopping) other than to yourself or parents in our family. We will spend a lot of our (financial) wealth with co-workers and their own needs. Without the calculation going forward. That is, the calculation of the needs of 5 years, 10 years and so on. Calculation only for yourself.
However, by bearing the status of being married, we will compile a different calculation, whether it's a calculation in a 5-year period, 10 years and so on. The difference in calculation lies in our household needs, there are wives and children with all their different needs from the following year. And you can be sure the nominal number will also increase.
So, having a Joint Account with Spouses is the best solution in the complexity of managing wealth in a family. And make sure your wife has a good financial management spirit.
Hope this answer