Most couples assume they will eventually have a joint bank account and many parents and children share joint bank accounts. However, while there may be a few benefits and advantages of having a joint bank account, there are also disadvantages.  For example, if one account holder files for bankruptcy relief, the money in a joint bank account may be subject to the bankruptcy estate.  Furthermore, either party could pay debts that are solely the responsibility of that person with the money in a joint bank account.

To read more about joint bank accounts and what you should consider before opening one see, “Joint Bank Accounts: A Few Pros and Cons.”