Posted by Diedre,
A joint college savings accounts should only be opened if the relationship is extremely stable. A new marriage is of course always stable on the surface, but these days more and more unmarried couples are deciding to merge their finances before they are joined in matrimony. This is almost always a bad idea unless the relationship is very stable and both plan on being with the other forever. A joint account can make everyday life a little more convenient, but if things go bad the account can be a major pain to both parties. Often one partner will drain the account leaving the other with nothing. With this in mind, there need to be provisions on the account that large withdrawals can only be made with the consent of both parties. Though no one likes to consider a breakup, the truth is that there is more of a chance to split up than to stay together.