Every woman needs $5,000 in her own account – even if it’s a secret


Guest post by divorce lawyer Morghan Richardson.

Every married woman needs at least $5,000 in a bank account in her own name – no matter what her husband thinks.

Far too many women are going to reject this mandate as an act of marital treason. Let’s be clear: I didn’t say the account had to be a secret. I leave that up to the individual woman. Nor did I suggest that you shouldn’t care what your partner thinks. In a healthy relationship you should absolutely care about his opinion. But you should have an account, regardless.

You’re an adult. You should have some access to cash in your own name, not because it is a “divorce slush fund,” but for scads of other reasons. Having your own money to budget and spend is part of being a grown up. It should be there for emergencies — what if he dies and the joint account is frozen (it happens all the time)? It should also be a place from which you can spend on the occasional luxury or other expense without having to explain every nickel to your husband. What if those fabulous patent leather Jimmy Choo platforms that happened to be on sale? Or your brother is in (another) jam and asks for help? Money affords you options — even if you don’t believe you need some of those options right now. That feeling is empowering.

But should your account indeed be a “divorce slush fund”?  Maybe. I don’t need to throw a bunch of grim divorce rate statistics at you. If you live in this world, you already know. So let’s get real:

An account held jointly in both spouses’ names can be accessed by either person. If your husband drains the account, a judge may require he pay you back some of it. But that can take months or even years. What will you do until then?  How do you hire a lawyer to make him pay it back?  How do you pay your bills and feed your kids? He may not pay child support or alimony unless that same judge requires him to do so – again, this takes time. How will you make it?

The vast majority of people who come into my office (all of whom are there to get divorced) have an arrangement in which one partner handles the all bills and budget, and the other is oblivious to the family’s income, investments, debt and spending habits. This arrangement didn’t make for a happy union – these couples are divorcing, after all. You don’t have to guess which spouse gets burned in the divorce.

No one sets out to get a divorce. No one sets out to have a car accident, either. But sometimes the minivan gets wrecked, and thank God you have insurance, right? So insure yourself. Get an account for all of the harmless reasons, but also know deep down that you have insurance if your marriage fails.

Another thing: opening an account may serve as a pulse-check for your marriage. If your marriage is open and strong, then why would your husband have a problem with you having your own money? If you feel it is out of the question to even mention such an account to your husband, then you probably need your own funds more than you realize. Does the topic make you nervous? Because turn-about is fair play: I suggest he have an account in his name, too. And maybe he already does.

Up next: Morghan shares a true story of one stay-at-home mom in an abusive marriage who squirreled away $5,000 to start a new life.


Morghan Richardson is a family and divorce attorney and mediator in New York City.  She juggles her Queens-based law practice with her other job as the single mom of two preschool-aged boys, Hayden and Ozzie. Her firm is Richardson Legal, PLLC.



Emma Johnson is a veteran money writer, noted blogger, bestselling author and an host of the award-winning podcast, Like a Mother with Emma Johnson. A former Associated Press Financial Wire reporter and MSN Money columnist, Emma has written for the New York Times, Wall Street Journal, Forbes, Glamour, Oprah.com, REAL SIMPLE, Parenting, USA Today and others.

The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest Self, and Raise Fabulous, Happy Children (Penguin, 2017), was a #1 bestseller and was featured in hundreds of media, including The New York Times, Wall Street Journal, Fox & Friends, Oprah.com and the New York Post, which named it to its ‘Must Read” list.

Her popular blog Wealthysinglemommy.com, and podcast Like a Mother, explore issues facing professional single moms: business and career, money, sex, relationships and parenting. Emma regularly comments on these topics for outlets such as CNN, Headline News, New York Times, Wall Street Journal, Fox & Friends, CNBC, NPR, TIME, MONEY, O, The Oprah Magazine, Woman’s Day, The Doctors, and many more. She was named Parents magazine’s “Best of the Web,” one of “20 Personal Finance Influencers to Follow on Twitter” by AOL DailyFinance, “Top 15 Personal Finance Podcasts” by U.S. News, and “Most Eligible New Yorkers” by New York Observer.

A popular speaker on gender equality, Emma presented at the United Nations Summit for Gender Equality.

Emma grew up in Sycamore, Ill., and lives in New York City with her children.

12 thoughts on “Every woman needs $5,000 in her own account – even if it’s a secret

  1. I keep asking my wife to open an account in just her name.

    She would never spend “our” money on something just for herself.

    Everyone should have something that is just theirs to do with as they wish and money is certainly on that list.

  2. How I wish I had done this! Stupidly, I was the one left in the darkness on all our financial affairs. It’s never too late, though:) I have three daughters and I have plenty of advice to pass to them.

    Thanks, Morghan for this eye-opening article!

  3. Great, great post. Especially the last paragraph. I’m finally, happily divorced from a man I was afraid to ask anything of- which is why I always knew at the bottom of my heart this would come to pass. Everyone should be prepared.

    1. Kelly – What slays me is that divorce is everywhere, yet few people prepare for it. The chance of an early death is far, far lower than divorcing, yet I estimate that more families have life insurance than do separate bank accounts and funds to liberate both parties should the need arise.

      1. Emma, you are so right. Awareness! It is funny that it’s ok to talk about preparing for death, but not divorce. Real life is hard folks!
        Love your site!

  4. This is actually an excellent idea. Both spouses should have a separate account with emergency funds to be sure. If I were married, however, knowing what’s in these mutual accounts would not be a secret. Secrets in marriage is a great way to start other suspicions that lead to more suspicions, resentment, and divorce.

    I’ve been friends with more than a couple folks – men and women – whom one, or the other, had no idea the true financial state of them as a couple. If you can’t trust one another to sit down and be up front about finances, it seems ridiculous to even consider marriage.

    1. “If you can’t trust one another to sit down and be up front about finances, it seems ridiculous to even consider marriage.” — well, yes, but people marry anyway, so this post offers some sounds advice for how to get out of it.

  5. Hello! I’m that wife that her husband doesn’t fill her in on the financial happenings. I’ve managed to save some money and I want to open my own bank account. I don’t want him to know. what happens when we file our tax returns together? I have to declare that I have that. And I don’t want him to know about it. What can I do?

What do you think? Please comment!

Your email address will not be published. Required fields are marked *