A major decision, which intending or married couples are usually faced with, is how to manage their finances. Before a couple takes the decision to have a joint account, it is advisable for them to have proper knowledge of its benefits and associated risks.
One of the reasons why couples keep joint accounts is the mutual security and reassurance that they have without doubting each other. A couple with high trust for each other and who have similar spending and saving habits may be more comfortable keeping a joint account than those in which one partner is a good saver and the other a heavy spender.
A joint account enables a couple to plan their budget, spend and invest their funds together.
However, partners can sometimes feel trapped with their spending if they have to get permission from each other before they can access the money. In the event of death of one partner, the other automatically gets the money in the account without having to go through the tedious process of getting a letter of administration.
However, if the relationship turns sour and they separate or divorce, having a joint account may end up as one of the most stupid decisions they ever made. Either of the couple can clear the entire money in the account even if he/she was not the one that deposited the funds there. Even if a partner decides to take legal action to get the money back, this may take a long and stressful process without any assurance of winning the case.
What is a joint account?
A joint account is a bank account opened in the names of two (or more) individuals. There are various reasons for opening a joint account. The most common is certainly to make it easier for a couple to manage their finances, especially when they need to pay shared expenses. All those holding the joint account have the same rights when it comes to withdrawals, deposits and any other banking transactions allowed in the account. As a result, each account holder can do transactions without first obtaining the other account holder’s permission, unless the account has been specifically set up to require this consent.
The risks -
Since both account holders own the joint account, each person can manage the account at his or her discretion without the consent of the other account holder. For instance, any of them can withdraw funds or even close the account. Banks will accept the instructions of either account holder because both of them are authorised to act alone, even though the account is jointly held (unless otherwise indicated).
The account holders are jointly responsible for all of the instructions received by the bank relating to the joint account and for the commitments made by each account holder relative to the joint account. If the couple decide to separate or divorce, the funds in the joint account may be considered marital property.
If the bank receives a garnishing order (seizure by garnishment), the joint account could be frozen, or in some provinces garnished, preventing the account holders from accessing the funds.
The funds deposited in the account may be subject to the rights of the creditors of either account holder (for example, in the case of bankruptcy or insolvency) and may also be subject to claims made against either of the account holders.
To open a joint account *You need to understand the risks and advantages of a joint account. *Do you understand how it works? *Do you understand your obligations under a joint account? *Since your account co-holder has the same rights as you with respect to the joint account, do you understand that your partner can use the funds in the account even if you deposited the money? Is your joint account co-holder trustworthy? *Has that person always been honest with you? *Do you know the person well enough or have you known each other long enough to trust him or her? *Is the person likely to act in your interest? *Does the person have personal problems that could prevent him/her from managing your joint finances properly? *How much control will you have over the funds in the account? *Have you asked your bank if there are ways to retain some control over the transactions done in the account? *Are you in a position to regularly check the account statements in order to know about any irregularities? In the event of an account holder’s death *The account will be subject to a right of survivorship. This means that in the event of death of one account holder, the surviving account holder retains all of his or her rights relative to the use of the joint account, including any remaining balance. *Ask your financial institution or legal advisor to explain what will happen to your joint account property if one of the account holders dies or becomes legally incapacitated. *Consider including information about your joint account in your will so that your wishes will be clear.

There's no benefit for opening joint account with your spouse either as a wife or husband, keep your money and I'll keep mine. If there is need for it, I'll withdraw from my account or you'll withdraw from yours and solve the problem. Shikena

My mother-in-law warned me never to try joint account with her son. I knew it right from the start to avoid becoming emergency storyteller.

There are no risk in joint accounts... It brings about a certain type of bound within the family unit, except if there is no trust..