There are pros and cons for both.
Having separate bank accounts does not mean that money remains separate if the relationship ends.
Money in individual bank accounts could still be considered relationship property under the law.
Below is some information to consider when working out the right bank accounts for your financial future.
There are pros and cons for both.
Having separate bank accounts does not mean that money remains separate if the relationship ends.
Money in individual bank accounts could still be considered relationship property under the law.
Below is some information to consider when working out the right bank accounts for your financial future.
Putting resources together can simplify things so nothing is left to chance or gets paid twice. It’s easy for each partner to get an overview of total finances.
However, there is a lack of privacy (if you want to make a purchase without oversight), both are liable for any overdraft and one person could empty the account of funds if they wanted.
Being transparent and involving both partners in financial decision-making reduces the chances of behaviours such as financial abuse or financial infidelity (lying, hiding or withholding information from a partner).
Make sure you understand the difference between joint and separate bank accounts from a banking and legal perspective – your bank will be able to provide this information.
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