Joint bank accounts put your money at risk if your co-holder faces a lawsuit, debt, or divorce. Evaluate who you share an account with and what legal exposure they carry before keeping significant money there.
Hey, all of you out there with a joint bank account, here is the question you need to ask yourself. Who is on the account with you? What is that person's financial situation? Yes, I'm even talking about your spouse. Are they in an industry where they are likely to get personally sued? Do they have issues with money and debt? If it's someone else, like a child, ask the same questions, as well as what are the chances they could get involved in a divorce? All of those situations could result in a claim against that account, and every single dollar in that account would be subject to those claims. Govern yourselves accordingly, people.
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