I like this, with a small tweak. Instead of "contributing" to the joint account, have all paycheques go into the joint account right off the bat. Then personal accounts are paid by "allowance" afterwards. Doesn't make much difference when you are young and childless, but when one person is staying home on maternity leave, or permanently, it's a cleaner way to avoid the fight about valuing work in the home vs work outside the home. Also more transparent about the spending habits of each person, which I think is a valuable conversation.
Although, a few years back when I was unemployed for the second time, we stopped giving ourselves an allowance at all. We are pretty much down to a one bank account system in reality. There's also fewer ways to spend personal money when you are old and boring, especially during a pandemic.