Ahem. Ever since time immemorial, couples have decided to not only get joined in The House, but also in the bank. They have opened joint bank accounts and joint ventures to help share some of the burdens of life. I was thinking, what if unmarried spouses embraced the same? Starting early will keep them on on the safer side, especially now that the economic times are tough. It will ensure a smooth transition into marriage. I believe it will also help them to appreciate each other more, because of their contribution. Of course if everything goes well. What do you think?
If the couple isn't married, they technically aren't spouses. I wouldn't share a joint account with someone to whom I'm not married. You'll never now how a relationship will turn out. Everybody is trust worthy -- until they're not. I would wait until marriage, which, in my opinion, is somewhat of a guarantor that the relationship will endure.
Sharing a joint account for a couple who are not married yet depends on what they've talked about. I have a friend who lives with his boyfriend for almost a decade now and they've opened a joint bank account a few years ago and they are using it to save money for their wedding. They never had any problems in terms of money so I guess there shouldn't be any problems. And as I have mentioned, it will always depend on the couple on their terms, on how do they trust each other.
I've known unmarried couples who open a joint account to save up for their wedding and post-wedding expenses so this isn't really a new idea. Most do this a year before the planned wedding and after having known each other for quite sometime. For me, this practice indicates the financial maturity of the partners and the trust that they hold for each other which are both important when starting a marriage.
I would advise against the joint account for unmarried couples because legally, they are not a couple. The risk is when they break up. I am saying this because I had seen how a friend suffered. When her giflriend suddenly broke up with him without reason, the guy was left with nothing because the girl withdrew a substantial balance of their joint account. And because I was working in a bank at the time, he consulted me on what to do, how he could get back his money. My curt reply was - forget it.
I have a partner but we have our own bank accounts. He has loads more money than me and I know he wouldn't want a joint account as I wouldn't. I like the fact that I am independent, have my own money and control my own finances. I wouldn't like to feel dependent on him and have others have said, what if we broke up? It would make things too complicated for me.
I know that such idea of having a joint account by married couples have been a success in the past and one that has ensured the smooth running of the home. But even at married homes, joint accounts have cause some issues when not managed properly by both partners which are the same reason I won't advise any unmarried person to try this type of savings to avoid having issues in the future. The human heart is deceitful and the fact that you won't know the plans of the other person and considering the fact that you guys ain't married yet makes it more complicated to try it. So, it is not a good choice for me.
