Why Does My Spouse Need a Separate Covet Account and Vault?
At Covet, we often hear a thoughtful question: “If my spouse and I share bank accounts and assets, why do we each need our own Covet account and vault?” It’s a fair question. After all, much of your financial life is joint. But similar to banks, we structure access separately for important reasons.
Here’s why:
- You’re Legally Distinct Individuals
- Even if most assets are shared, the law recognizes each of you as separate people. Your retirement accounts, insurance policies, and estate documents (like wills or powers of attorney) must be tied to you individually. Separate vaults let Covet organize assets, beneficiaries, and documents in a way that reflects reality.
- Security and Privacy Come First
- Separate accounts mean you each have your own login credentials and security settings. This ensures your information is protected, and you can control your own access without affecting your spouse’s. If one account is compromised, the other remains safe.
- Separate accounts mean you each have your own login credentials and security settings. This ensures your information is protected, and you can control your own access without affecting your spouse’s. If one account is compromised, the other remains safe.
- A Clear Audit Trail
- Just as banks track which spouse initiated an online transaction, Covet maintains clarity on who uploaded, edited, or shared specific documents. This creates accountability and transparency — especially valuable when multiple family members or advisors are involved.
- Personalized Views and Preferences
- Each of you may prioritize different aspects of financial planning — retirement age, investments, property, or collectibles. Separate accounts allow Covet to tailor insights and dashboards to each person while still connecting into a family-wide view.
- Estate and Survivor Planning
- In estate planning, it’s not enough to know what you have together. Covet helps prepare for the “what if” scenarios. If one spouse passes away, the surviving spouse doesn’t simply inherit a shared dashboard — they inherit their own financial reality. A separate vault ensures their plan is already structured and ready. It is worth noting that most spouses do not pass away on the same day.
- Compliance and Best Practice
- Regulators, attorneys, and financial planners all work at the person level even when creating a household plan. Covet follows the same best practice: model the household together, but keep each user’s records and assets organized under their individual account.
- Regulators, attorneys, and financial planners all work at the person level even when creating a household plan. Covet follows the same best practice: model the household together, but keep each user’s records and assets organized under their individual account.
The Bottom Line
Covet is designed to make estate and financial planning clear, organized, and secure. To achieve that, we mirror how banks, regulators, and advisors handle your information: by giving each person their own account and vault.
Separate accounts aren’t about separation — they’re about clarity, protection, and preparedness.
NOTE: Covet offers a 90% discount for spouses of subscribed users. To receive a discount code for your spouse, send an email from the same email you used to create your Covet account with the words "Spouse Discount" in the subject line to support@covet.life.