![]() ![]() Matthew Rawling and JJ Atkins each have a separate current and savings account. “We’ve had tough but open conversations about money in the past but it’s always been personally enriching to not shy away from the taboo of money and debt.” ![]() The money in their personal accounts is their own but they save together for other things such as holidays or special gifts. “We never borrow money from one another but happily spend money on the other as and when required.” “Money has always been an open and personal thing for us,” says the mortgage underwriter from Bradford. JJ Atkins, 30, and his partner Matthew Rawling, 37, each have a separate current and savings account. We asked readers to tell us how they manage their finances: ‘We’ve gone from being a 50/50 split to me paying bills’ If you split up, you will need to go back and alter these arrangements. The same is true of your pension and any life insurance.Ī will is the best way to ensure your assets go to your partner if you are not married – without one, they could end up having to go to court to challenge your relatives for the cash. If, for example, your company offers a death-in-service benefit, you should tell it who you want the money to go to should you die. You don’t need to be married to have a joint account, own a property together or find that your partner’s finances affect you – for example, if you live with them and either of you tries to claim universal credit, all of your savings will be taken into account.įor other things, the link is not made automatically and you will need to do some paperwork. You can ask the bank to freeze the money but then neither of you will be able to make a withdrawal. It also means that you should close the account, or withdraw your cash, if you split up. If you run a joint bank account, you will both have access to all of the money, and be “jointly and severally liable” for repaying any overdraft – that means if you split up and your ex does a runner, it will be down to you to pay off the whole debt. If your partner has missed payments in the past, this could have an impact on you later when companies make checks. Being married or living with someone won’t create an association with them on your credit file but opening a joint account or taking on a shared mortgage or loan will. But bear in mind that any kind of linked finances could have an impact on your credit rating. Be clear on the independence you’d like to maintain.”įor many couples, this means running a joint account for shared bills, and separate accounts for other spending. There might be some aspects you’d be happy to share but others you’d prefer not to. “Like every other aspect of your relationship, you should set boundaries around your finances. If your partner has missed payments in the past, this could have an impact on you later when companies make checks “Disagreements about money usually come down to differing or conflicting attitudes towards earning, spending, saving and sharing money, so look for the areas where you agree – and disagree – and spot any potential problems before they happen,” he says. ![]()
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