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ECIL | When my wife and I got married we set up a joint account in one bank and a farm account in another bank. It made banking records clearer. We both have signatory power over both accounts and keep both open to each other. If we transferred any funds from one account to another for any reason the transfer showed as a transaction and was entered as such for bookkeeping. It made money management easier for both of us. Plus, if we were ever audited (we weren't) the paper trail was cleaner. The farm is a business and its records should be treated as such and not as personal (married joint account) use. No different than someone having multiple businesses and keeping separate records for each business. Just need to keep a clear paper trail and records for business use and personal use. And be honest and open about each with each other at all times. We've been married 25 years and I'm recently retired from farming. We made it work. | |
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Combining Finances
