5 Reasons You Want to Keep a Secret Bank Account From Your Partner

5 Reasons You Want to Keep a Secret Bank Account From Your Partner Even freunds in the healthiest relationships may question whether or not to keep a financial account or evidence of poor financial habits a secret from their significant other. Money can be a sensitive subject to discuss, and some people find the temptation to keep a secret bank account irresistible when the alternative means an honest talk about a loved ones spending or saving habits. But for anyone thinking of taking a covert trip to the bank, you first need to think long and hard about why you want to platzdeckchen up a hidden bank account, and whether your situation warrants all of the hassle that comes with keeping secret finances.How common are secret bank accounts?Its difficult to pin down exactly how many Americans are harboring secret bank accounts from their spouses, but its more common than you probably think. A 2016surveyof newlyweds by credit reporting agency Experian revealed 16% of those who just tied t he knot hide a financial account from their partner, and 31% of people who combined finances with a significant other have song to their partner about finances, according to apoll from The National Endowment for Financial Education.Similar to a romantic affair, the reasons for a person lying about a secret bank account can vary, but one common factor is an atmosphere of discomfort around discussing finances and a fear of being judged poorly by their partner.Its such a taboo subject to talk about, said Dr. Maggie Baker, psychologist and financial therapist practicing in the Philadelphia area and author of the bookCrazy About Money.When people with incompatible spending and saving habits intertwine their lives, one half of the coupleusually the one who likes to spendmay find it easier to squirrel away some cash in a hidden checking account, where it can be used to indulge splurges away from the prying eyes of their more frugal partner.The other noteworthy reason spouses hide money fro m another partner involves not spending, but saving. Broadly speaking, spouses who find themselves financially dependent on their partner may want to maintain a sense of independence by having money in an account under their own name, but dont feel comfortable enough to do so out in the open.Reasons you want to keep an account secret, not just separateHaving a separate account of your own money in a marriage doesnt have to be a clandestine operation. A TD Banksurvey found that 42% of couples who were either married or cohabiting also maintained a separate bank account, despite having joint accounts with their partner. And you retain sole ownership of a separate account despite your marital statusyour spouse just cant walk into your bank and demand access or information about your account just because you put a ring on it. But given the amount of people hiding secret bank accounts from their spouse, there are certain situations where its tempting to keep an undisclosed stash of cash. Youre embarrassed of your spending. Nearly half of married people (47%) say they and their partner dont share the same spending habits, according to a survey conducted by SunTrust Bank. To avoid arguments over whether its worth spending more than $1,000 from the joint checking account for a new iPhone, it may be easier for you to set up your own separate account to use for those must-have purchases. This doesnt need to be a secret, but the mere existence of an account created for the sole purpose of what your spouse considers frivolous spending might prompt you to keep it a secret.You want to keep your financial independence without feeling pressure. Millennials are more likely than previous generations to keep finances separate after walking down the aisle, pointing to a trend of greater financial independence for members of married couples. Maintaining a source of funds in your own name doesnt have to be a secret, but if your spouse knows about it, he or she may lean on you to dip into it during tough times. If youre uncomfortable saying no, you may want to avoid disclosing the existence of these accounts in the first place.Your spouse cant be trusted with money. A more serious version of the scenario above is where you spouse has an out-of-control spending herausforderung (like a gambling addiction) and, in addition to clearing out any joint accounts you share, will demand you give up your own money to fuel their reckless habits. A spouse displaying abusive or threatening behavior is one of the few situations where youre completely justified in keeping any accounts in your own name secret in order to protect yourself.You see divorce on the horizon. If your marriage is starting to look like a dress rehearsal ofWhos Afraid of Virginia Woolf? it may behoove you to start drumherum aside some money in your own name to prepare for a separation. Depending on the nature of the divorce and your own financial circumstances, you may need to save a large enough amount to cover not only legal fees, but also living without the income your partner earned. While you dont have to keep this a secret, alerting your spouse youve begun to build a war chest could cause him or her to start making things difficult for you, such as clearing out joint accounts upon which you rely.Youre planning an elaborate surprise.A favorable situation for keeping a secret bank account from your spouse is that you need to make purchases for a surprise vacation and dont want the risk of your other half seeing the statements on your joint accounts.Is the secret worth it?All in all, most reasons you could think of for keeping a secret bank account from your spouse could be just as easily solved with a separate, non-secret bank account. While this means you and your partner will need to have a frank discussion about finances, more honesty almost always benefits the relationship (unless youre being asked do I look fat in this or am I going bald?). By being upfront now and avoidin g financial infidelity, youll save yourself a ton of stress and maybe even strengthen your bond with the person you love. James EllisThis story originally appeared on MagnifyMoney.