Joint Accounts: Two Names Are Better Than One
When you're away during deployment, it may make sense to add the name of your spouse or a family member on all financial accounts. This can make it easier for them to handle financial issues, such as making changes to insurance or investments, during your absence. Keep in mind that the cosigner will have unrestricted access to your money, so only create a joint account with someone you trust completely to make responsible decisions.Account AuthorityAdding a second name provides access for both parties. But if your name is the only one listed on a policy or account, you are the only person with the authority to change it to a joint account. So be sure to make this change before you are deployed.Put It in Writing A marriage license doesn't always guarantee access to your accounts. Contact your financial institution to ensure both of you have access. Allow transactions to be authorized with just one signature.Plan AheadDiscuss financial obligations, monthly expenses and due dates to cover financial commitments while you are away.If you need more advice about sorting out your family's finances, visit Military.com's Banking and Saving channel.
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