5 Benefits for Women to keep separate accounts from their spouse.

Let me start by saying this; everyone has to decide what way works for them and their family.

Now, I decided to write about benefits of women keeping separate accounts not to cause an issue in couples' relationships.

Nope, that's not it at all.

I think that it helps improve relationships, and here is why:

First reason: Having separate finances and bank accounts enables women to maintain financial independence and autonomy.

Throughout the years, many women felt they had to depend on someone else for their finances. As minors, they depended on their parents. As young adults, it may have been a combo of parents or having roommates to afford housing and necessities. Once in a committed relationship and/or marriage, a significant other or spouse.

As a woman, knowing that you can contribute to your well-being and that of your children, and possibly even cover all of your family's expenses, goes a long way towards raising one's self-esteem and outlook in life.

Second Reason: Keeping separate finances and bank accounts allows women to track their spending and savings goals.

Usually, not saying always, but usually, women tend to be more on top of their finances than their spouses. (Yes, I know, sometimes it's the other way around).

I have worked with couples, and for the most part, the women have been the ones who realize first that something isn't working. The women have tried saving and getting back on track, but spouses' spending and/or outlook prevent progress.

Separating the accounts has allowed women to get their money management on track. It doesn't mean they completely separate their finances, but if the spouses' spending is causing issues, maintaining separate accounts allows the spouse to get on board on their own time.

Third Reason: Having separate accounts offers privacy so that each person can make financial decisions.

I don't know about you, but I'm not good at surprises. But just because I am not good at surprises doesn't mean I don't like giving surprises. True, I could take cash and buy my hubby the item or purchase it with a gift card, but neither one of those items is convenient for me.

What works for me is having my bank account. My parents started my bank account when I was 3 or 4 years old, and that account has transitioned to becoming my primary account.

That is not to say that I will go and randomly buy hundreds of dollars worth of things or spend thousands on something else without having some conversation with my hubby. If money is being spent on certain things, over $100+ or something, and it's not something usually purchased or used, then we will discuss it and go from there, regardless of whose money will be used/spent.

Fourth Reason: Women can better protect their assets in case of a divorce or separation by having separate accounts.

I love my hubby but I am not in my bubble to know that things don't happen. As I mentioned, I had my bank account for years, even before I met my husband. Once we had kiddos, we knew that if something happened between us, we wanted to have the freedom to make financial decisions for the benefit of our kiddos.

We have no plans, and the word divorce is not part of our marriage vocabulary. Still, we both know that if something happened, we could take on the financial responsibility without having issues with the other.

I have been fortunate that I haven't experienced it, but I have seen how separation and divorce impact the lives of the couple and the rest of the family. At times, other family members get involved, emotions are running high, communication goes down the drain, and rash decisions are made.

In situations like that, if funds from joint accounts are transferred or withdrawn or the account is closed. The woman (and/or spouse) can make decisions with their accounts until a calm conversation can occur.

Fifth Reason: Having a separate account can help women build their credit score and financial history, which can benefit future financial goals.

That doesn't mean that the women should refer to it as solely her house and not their joint home. I am not saying that at all. However, if a house could be purchased based on her sole information and that affords the possibility of owning vs. renting (and sometimes a monthly mortgage payment is lower than a rent payment, thus saving money) or relocating to a different area that has amenities that are important to your future. Why not do it?

I know many couples who have qualified for rentals or homeownership because the woman had better credit scores or financial history than their spouses (Do your research, not all states allow only one spouse, if legally married, to purchase a property without their spouse). Things can change, adjustments can be made later once finances are more established, and both can be added to the loan or deed.

Keeping separate accounts does not mean that communication between spouses doesn't take place. Even with keeping separate bank accounts, communication must take place continuously.

My husband and I keep our finances separate. We have done that since we started dating in 2010 and didn't see a point in combining them even after we married in 2012.

This is what works for us.

It may or may not work for you.

Do you need help starting a financial conversation with your significant other? Click below to get a list of 10 ways to start the conversation.