From living together to sharing other financial goals, unmarried couples may have questions about how they can manage their money together.
, which can simplify the way you pay for things together. If you’re considering opening a joint bank account with your partner, you’ll want to think about the pros and cons of that option.Joint accounts can be useful for managing regular expenses as well as longer-term financial goals. Perhaps you and your partner want to make it easier to pay your rent and utility bills from one pot, or maybe you want to save for a vacation, wedding or house together.
“There needs to be very transparent tracking for the account,” Kovar says. “Both people should be able to access the account at all times. You should both agree on what the account can and can’t be used for, so that way if an argument occurs, then you’ll both be clear on what went wrong.
April Lee, the financial blogger behind HassleFreeSavings.com, is grateful that she and her former long-term partner never commingled their finances, especially when it came to the house that she purchased but that they both lived in. He consulted a lawyer to try to sue for ownership after they broke up, but in the end, he couldn’t prove that he had contributed financially toward the house.
that can be co-owned. Once you’ve decided, check with the bank to see what documents and identification both of you will need to become joint owners of the new account.
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