New relationship joint account? Good or bad idea

Polly3105

My partner and I are both looking to rent somewhere together. We are both going through divorce with our ex’s. My partner has recently suggested we have a joint account when we start renting. I feel uncomfortable with this and refusing to have a joint account while we are both still married to other people. I don’t feel the need to have one. He has reassured me that he has no financial ties with his ex wife so it wouldn’t matter. Can anyone give me any input on this please?
Thank you

Ben8282

Don't do anything that you are uncomfortable with. I can see no reason why you need a joint account. What reason does he give why he thinks you should have one?

Polly3105

We had previously spoken about it and I would have been happy once divorces are completed. His reasons are To make us feel equal and like we’re doing things together.. I have no problem in paying my half of the bills, so don’t really understand the need for it myself. Is there any reason in anyone’s opinion that We’d be better off having the joint account?

tacpot12

There is really only one advantage to having a joint account; if one person dies, the other has access to the money in the account automatically.

Everything you need to do to live your live can be done from your sole accounts, but having a joint account might paying for things equally a bit easier.

If you open a joint account, you should keep your sole account and receive all the money that is your income into it. Agree with your parnter how much you both need to pay into the joint account and what this account can and cannot be used for. It should really be used for expenses you want and have agreed to share; e.g. rent, water rates, council tax, food, etc.

If you want to save for something, I would not do so in a joint account; I would suggest you both have your own savings accounts and manage your savings separately. If anything happens to the relationship it will help to know that your savings are safe.

Gers

Every part of my financial senses shouts 'don't do it' except for a bills only account. And keep accurate records of outgoings and incomings.

Joint accounts can become a battlefield. Love blinds.

Missus_Hyde

Entirely up to you, of course, but if the relationship is comparatively new, then I would hesitate about having a joint account at this stage.

Quite apart from anything else, it would mean that your financial affairs were joined together and if (for instance) you have a good credit history but your partner has not, then you would be penalised for any financial problems relating to him.

Personally I would wait until you feel totally sure that everything is going well before taking such a large step (heaven forbid, if the romance went pear shaped, you might find it difficult to extricate yourself from your partner's finances).:p

D_M_E

Far too early in relationship to have a joint account - or joint anything.

Consider this:

You don't know what debts he has, whether he is a spender or saver - might turn out to want to use the account to run up more debt in your name without telling you which can easily be done using a joint account, even use it and any overdraft facility on it to pay for his divorce then skip off and find someone else leaving you with all the debt.

In short, keep your finances separate until you feel the time is right and there are no secrets.

robatwork

I come at this from a different angle from others.

You're both divorc(ing)ed and presumably you have complete, total belief that it's your forever relationship and he is the ONE, you are the ONE and this is it. If this isn't true then neither is the rest of my post.

Part of committing to someone is trust - probably the major part of it. You have to trust them completely, 100%. Not just trust them selectively, "oh he's lovely with my kids". And if you do trust him then you trust him with your money. His and your money is in fact joint - it shouldn't be separated. And he should feel the same about you - perhaps he does which is why he suggested the joint account.

Yes lots of relationships and marriages break up. And it obviously depends on the length and seriousness of your new relationship, but if you want to live together then it's serious? If you're unsure, perhaps it's about the relationship and not the banking, but that's not really for this forum.

Rich2808

Up to you - my parents were married for nearly 50 years before they had a joint account. But it came in very useful when my father became ill - as all the household bills went through his account.

Have you checked your partner's online credit file......

enthusiasticsaver

Whose name did you plan to pay the bills in and how are these to be paid? Most require a direct debit so you will have to give bank account details and if you don't have a joint one it will be either your bank details or his and presumably the other paying their half to each other which is a bit messy. It strikes me if you are willing to live together you have already agreed to a merging of your lives so to some degree it makes sense to have a degree of joint finances. Not totally but maybe a joint account for flat bills and you both pay in half.

Drawbacks are if he is a bad money manager you could end up linked to him by financial association and if his credit rating and history is bad that could affect you. He could clear the account out of money put in there to cover bills as of course so could you and similarly if you have a bad financial record that may impact on him.

Advantages are that the bills for the flat you both live in can come out of the new account and you total them and pay half into the new account meaning the utility bills are all accounted for separately to your personal bills like car, mobile, debts etc. Alternatives are that one of you ends up being responsible for the others half initially as utility companies and landlord won't bill you separately for your shares.

Zero_Sum

My OH have been together for a few years now and we dont have joint account. I dont see the point. Shes a bit useless with money so just gives me a fixed amount each month towards bills & i manage everything.