Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

Closed Thread
 
LinkBack Thread Tools
  #1 (permalink)  
Old 01-07-2013, 12:25 PM
billm's Avatar
Senior Member
 
Join Date: Sep 2008
Posts: 2,430
billm is on a distinguished road
Default Joint chequing account for shared expenses - thoughts?

Hi,

My ex and I are thinking of opening a joint chequing account for shared child expenses. I am really hoping this will work out great and reduce any discussions about who spent more than the other etc.

We have 3 kids - equal access and pay offset CS.

These are my thoughts - let me know of any advice

So it would be a chequing account and we each would have debit cards, online access, and online bill paying. Both names on the account, no overdraft. We would automatically put the same amount in each month, adjusting as needed.

Primarily it would be for shared CS covered expenses that has nothing to do specifically with one house such as clothing.

We would use it to pay for school trips, school supplies, clothing, kids cell phones, CS covered extracurricular, possibly bigger expenses such as braces and Section 7 extracurricular (though that would have to be contributed to in proportion to income)

We would not use it for entertainment, food, spending money (aka entertainment)

Every cheque, debit purchase, deposit etc would be texted immediately to the other and all receipts kept in case of dispute. Expenses over a certain amount ($100?) have to be 'preappoved' by contacting the other first.

I get along fairly well with my ex (all things considered...) but the issue of 'I spent money on this so now its your turn' BS is something we both feel is not working so we hope that this is the solution.

Also, as she is contributing equally I feel that the spending will be under control, though I have some reservations about that, but overall I don't think it will be a major problem.

I find that I only have about 2 receipts per week that I am tracking for shared expenses, so I don't think the account will be used that much.

Thoughts?
  #2 (permalink)  
Old 01-07-2013, 12:49 PM
Senior Member
 
Join Date: Nov 2010
Location: Toronto
Posts: 385
momforever1956 is on a distinguished road
Default

It is like any other system, the people using the system will determine how effective and reasonable it is.
  #3 (permalink)  
Old 01-07-2013, 01:10 PM
Senior Member
 
Join Date: Apr 2009
Location: Southern Ontario
Posts: 256
limer is on a distinguished road
Send a message via MSN to limer
Default

It might be difficult to prove which transactions were attributed to whom as debit cards for a single account to not reflect which card made the transaction, especially for online activity.

Maybe a better way to go about it might be via a pre-paid credit card account with two cards. I remember our joint visa had one account with two cards where transactions on each card were separated on the visa bill.
  #4 (permalink)  
Old 01-07-2013, 01:13 PM
Senior Member
 
Join Date: Jul 2012
Posts: 1,692
OrleansLawyer is a jewel in the roughOrleansLawyer is a jewel in the roughOrleansLawyer is a jewel in the rough
Default

Quote:
the people using the system will determine how effective and reasonable it is.
Very well said.
  #5 (permalink)  
Old 01-07-2013, 04:26 PM
Senior Member
 
Join Date: Jan 2012
Location: Ottawa, ON
Posts: 994
FightingForFamily will become famous soon enough
Default

An impressive feat of cooperation. My brain screams NOOOO but you present it in a way that makes it seem like a surprisingly good and reasonable idea
  #6 (permalink)  
Old 01-07-2013, 05:51 PM
billm's Avatar
Senior Member
 
Join Date: Sep 2008
Posts: 2,430
billm is on a distinguished road
Default

Quote:
Originally Posted by oink View Post
It sounds all good on paper, but how long before one party starts hiding stuff and moving money from one account to another to make it look legit?
I don't follow.

Can you give me a specific example?
  #7 (permalink)  
Old 01-07-2013, 06:03 PM
Senior Member
 
Join Date: May 2011
Location: Ontario
Posts: 3,048
Berner_Faith will become famous soon enough
Default

I don't follow either oink- if one party removes money, it will show where the money was transferred to.

Mess- from reading a lot of your posts it seems like for the most part you and your ex have a pretty good working relationship when it comes to your kids. Opening this account will take a lot of friction off both of you, if you both can continue to cooperate to ensure the best interest of your children are met. It would be good if you put a limit on things, such as the $100 rule and that anything over must be approved by the other parent.

I think this account would certainly become useful at the end of summer when most kids want new clothes for school... if you have money built up, it lessens the expense of the parent at that time, there is no money exchanging hands and no reason to argue about who should spend what.

I would be interested to know how this turns out for you.
  #8 (permalink)  
Old 01-07-2013, 06:52 PM
billm's Avatar
Senior Member
 
Join Date: Sep 2008
Posts: 2,430
billm is on a distinguished road
Default

Thanks Berner_Faith. I'll try to post any lessons learned. I have hopes this will be a really good thing as it is the only thing that is not handled very well between us (shared expenses).

Also, I can't see a down side as the worst that can happen is that one clears the account out for the wrong reasons, but that would be a one time event that would end this method and worth the risk of a few hundred dollars.

(I was the OP, not Mess)

Last edited by billm; 01-07-2013 at 06:56 PM.
  #9 (permalink)  
Old 01-07-2013, 06:53 PM
Senior Member
 
Join Date: May 2011
Location: Ontario
Posts: 3,048
Berner_Faith will become famous soon enough
Default

Sorry billm... I don't know where Mess came from...other than in the other thread I was reading!
  #10 (permalink)  
Old 01-07-2013, 06:59 PM
Senior Member
 
Join Date: May 2009
Posts: 2,474
dinkyface will become famous soon enough
Default

Is there any conflict about who buys what? Any conflict about which items should be household-neutral (thus funded by the pot) as opposed to household-specific?

Are you able to plan/coordinate more singular purchases (under $100) e.g. winter coats or boots?

Can you agree (when appropriate) to save some of this month's pot for next month? (since the spending level is seasonal)

Can you see yourselves 'racing' to use up the kitty?
Closed Thread


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
post valuation - joint expenses to cover day to day expenses. ddol1 Financial Issues 2 02-19-2012 06:33 PM
Joint custody - questions & answers (US) first timer Parenting Issues 0 03-20-2011 01:07 AM
Why 'shared' custody? sasha1 Political Issues 35 07-01-2010 01:17 AM
A Lil' About Me & Joint Account Question Maggie82 Divorce & Family Law 2 10-06-2008 07:39 PM
laws on joint bank account money after divorce is final sherif28 Financial Issues 8 01-30-2006 12:22 PM


All times are GMT -4. The time now is 10:56 AM.