For some, opening a joint bank account is a relationship milestone. 

And it can make life easier when it comes to paying shared bills and working towards common financial goals.

But increasingly, couples are choosing to stay completely independent when it comes to money, according to certified money coach Natasha Janssens.

"I am observing an increasing number of (especially young) couples keeping everything separate," says Ms Janssens, based in Canberra/Ngambri.

She says while sharing money is a not a prerequisite for a financially healthy relationship, having a joint bank account has its benefits when managed the right way.

The benefits of joint bank accounts

While keeping finances totally separate works for some people, Ms Janssens says it doesn't necessarily mean you will avoid financial conflict.

It can also become tricky when kids are in the picture, or something out of the ordinary happens, such as someone in the relationship becoming sick and unable to work, she says.

For those reasons, she says having at least some money combined in a joint account is worth considering.

Aside from logistical benefits, Ms Janssens says it can give some couples a greater sense of "being part of a team".

"The fact you are sharing the account can facilitate discussions [about money], compromises, and goals.

Financial planner Michael Khouri hosts a podcast about relationships and money, and says having a joint account can help couples get on the same page.

"It's a lot easier to work towards goals together … [and] it creates accountability between couples."

Joint bank accounts not without potential issues

Sharing money does have the potential to create arguments over how that money is spent, says Ms Janssens.

"Did one person take out money that wasn't agreed to?"

But she adds that can happen in relationships where money is totally separate, too.

Mr Khouri says joint accounts that involve everyday spending, for example, might offer transparency, but can lead to people feeling like they have lost financial independence or privacy.

"My wife and I have separate bank accounts for day-to-day spending. It's less stressful not seeing every little thing each other spends money on, and it just gives us that independence.

"But it's all part of an overall strategy. We have an overall plan for the family, and other accounts are joint."

Joint accounts can also create opportunity for a someone to perpetrate financial abuse, Ms Janssens says.

One in six women in Australia experience financial abuse. Knowing ways to protect yourself can increase your financial safety.

Discussion to have beforehand

Getting to know one another's money values and "story" is a good idea before combining any finances, Ms Janssens says.

"What are each of your financial fears? What was money like growing up? Are you spender or a saver?"

She says knowing these things about each other will help set you up for success.

Ms Janssens also recommends setting "rules" for the account, as well as planning for how conflict will be resolved.

"Define what a joint expense is. Who is going to look after what? Are we going to consult at certain times?" are some examples of conversation prompts, she says.

Couples should be prepared for the topic of equity versus equality to come up when discussing what each person should contribute to the account.

"Look inward and decide, what is fair for you? Get curious as to what that is," says Ms Janssens

Mr Khouri says it's important to create a budget together before opening a joint account.

You can use savings calculators and budget planners to assist.

Start small

When it's time to open the account, Mr Khouri recommends couples start small.

"Take it in baby steps. Start with an account you both put money in to cover bills.

"It's pretty straightforward and you can't stuff it up."

People should discuss options with their bank, Mr Khouri says, and watch out for traps like accounts that don't allow direct debits, or have fees if you don't deposit a certain amount each month.

If your first joint account experience is going well, he says you can consider opening a joint savings account.

"If you want to add a level of control, you can make it so both parties have to sign to get access to the money," Mr Khouri says.

Lastly, you may consider opening a joint account where both of your incomes are deposited for everyday spending, but not everyone will feel comfortable with that, he says.

"Every couple is different.

"If somebody in a relationship feels they are at risk of being in a vulnerable situation where they would need money … it's important they maintain a level of financial independence.

"Follow your gut instinct."