As Ash Exantus, financial education and financial empowerment coach at BankMobile tells HelloGiggles, having equal rights to the money means just that. “There is nothing that can stop the other person from using money in any way they want to,” he says.
In some cases, financial abuse of joint accounts can be “used as a weapon” instead of something that empowers the couple. Because all money and activities are accessible by both parties with a joint account, it can also be used as a way to monitor and control a significant other.
Just to be clear, this won’t apply to every couple, but it can to some. It’s similar to cheating. You can trust your partner, but that doesn’t mean they won’t ever cheat. So it’s important to be aware that financial issues caused by one partner can happen.