People who are married / live with long term partner do you still have a seperate saving accounts ?

AskAsk

fred246 said:

I have put lots of money in my wife's savings accounts for a running away fund but she hasn't gone yet. Is there anything else I need to do?

yes, starting taking the money out and spend it on yourself and see how quickly she leaves 

Newly_retired

We have a joint account for household bills into which we each pay half. I have to say that each of us also pays for some household  spending out of our own accounts, no reason, just got paid that way, eg DH pays the TV license, I pay the house insurance. 

We each have our own current accounts and savings. I am a saver, he is a spender. Works for us.

chelseablue

We put all our money into one account and I hate it. I'm a saver and husband is a spender and would quite happily spend it all with no thought for anyone else
Rant over

maman

chelseablue said:

We put all our money into one account and I hate it. I'm a saver and husband is a spender and would quite happily spend it all with no thought for anyone else
Rant over

By all means have a rant but why not open a second account for yourself? You could have your salary paid into that and then transfer your share of household spending to the joint account. Your husband could do the same. 🤔

chelseablue

maman said:

chelseablue said:

We put all our money into one account and I hate it. I'm a saver and husband is a spender and would quite happily spend it all with no thought for anyone else
Rant over

By all means have a rant but why not open a second account for yourself? You could have your salary paid into that and then transfer your share of household spending to the joint account. Your husband could do the same. 🤔

We did used to do that but that was a disaster too (on his side, I was much better off) 

ratechaser

Mrs RCs and my finances are joined at the hip in principle. In reality though we have separate and combined accounts based on what is required and also expeditious at any one point. 

Rarely makes any sense for me to be a joint party to any unwrapped savings though as I have no tax free allowance... (only justification there would be if we needed >£85k FSCS protection).

Emmia

Separate accounts for salary, separate pensions and the bulk of our savings are also held separately. 

However, we also have 3 joint accounts - one for the mortgage that we both pay into, a savings account with £10k "emergency money", and an account which is solely to pay for things like the groceries. We don't have children.

I wouldn't combine further, as I value my financial independence... Unfortunately I've previously been in a relationship with someone who wanted to do a 100% share (no sole accounts) essentially so he could control me financially, a mistake which I only narrowly avoided.

alex_163163

Yes, we have both joint and separate  accounts. 

We have 2 joint accounts - 1 for bills, 1 for savings.
and we each have a separate current account and savings.
we both prioritise saving into our joint savings (for holidays, house and garden bits and bobs, anything that’s not everyday spending) over our personal savings. 

It might all change if we have kids in the future, but for now it works.

JS21

We have multiple separate accounts and one joint account that we opened when we got engaged to pay for joint wedding bits. We both put in a portion of our salary and used that account to pay vendors and then paid for our own things from our own accounts e.g. outfits, hair/makeup, jewellery etc.
We've kept it the same now that we're married, we both pay an almost equal amount into the joint account and our rent/food shop/holidays/car insurance, MOT & petrol etc. are paid out of that and then anything else we want to spend on comes from our own accounts, e.g. clothes/toiletries/games etc. He pays an extra £200pm for our car so I generally cover any takeaways we may get or bday gifts for family e.g. niece, parents, but this isn't a strict rule. While we've been saving our deposit, any extra we both have left at the end of the month, we've also put into the joint towards it.
some of our separate accounts also have additional benefits inc. phone/breakdown cover and we've always agreed to keep accounts separate - we trust one another, i've never kept it a secret i have a 'runaway' fund and it helps when we want to spend on surprises for one another!

Gavin83

jackieblack said:

comeandgo said:

pinkshoes said:

We have a joint account that we pay a fair amount each into every month to cover all household/family mstuff. It is also linked to a savings account that we use to save for family holidays etc...

We then both have our own accounts for our own expenditure. Mr Pinkshoes can then spend his money on what he wants, and I can spend mine on what I want without having him scrutinise my account.

Some financial privacy in a marriage/long term relationship is needed!

If you're married, then individual savings accounts to "squirrel" money into are pointless as if you separated, all money/assets would be split 50/50 as a starting point. I have my own savings account but that's to save up and pay for anything I might like to do.

Regarding the 50/50 split of assets, the split is whatever the divorcing couple agree to.  

Assuming they do agree.
If they don’t then a judge will decide, using a starting point of 50/50 before considering other factors 

Absolutely.

There's a lot of people here saying they've got separate accounts because it's their money as they earnt it. That's all well and good but if you were to divorce the partner would still be entitled to some of it as it would go in the asset pot like everything else. Of course couples are free to make their own arrangements on the split but your partner doesn't have to agree to it. Even if they do they can easily change their minds once the solicitors are involved.

There's really no such thing as split money in a marriage. Legally everything is shared regardless of how the bank accounts are setup.