should gay couples have a joint or single cheque account?
This is an age old question that gay couples have to face and deal with. Money is serious so make the right decision.
Managing money properly is crucial if you want your relationship to last. While money is not the only aspect to a loving relationship, it is nevertheless a very important aspect of the relationship.
The short answer to this question is that it is not necessary to have a joint cheque account in order to have a loving relationship. In fact, having a joint cheque account can complicate and compromise the relationship. One party may be more fiscally disciplined than the other and this can place strain on the partnership. One of the partners will earn less than the other and this too can cause unwanted drama in the union.
Living together does however mean having to share the running costs of the house. Couples should determine who is liable for which bills and work out a way for the bills to be paid on time. If you are going to split all the bills down the middle, you could open a joint account solely for the bills. Each partner transfers his share of the money into the joint account and the bills are paid from that joint account. This avoids any confusion and makes life easier should there be a parting of ways down the road. Relationships are complicated enough without adding convoluted accounting systems to the mix. Couples should be spending time loving each other and having fun not stressing about money, joint accounts and paying bills.
Each partner should make sure that his or her money is deposited into the joint bill account on time in order to avoiding the embarrassment of late payments. Be sure to factor in any increases and bank charges so that there is no room for resentment from either party.
By maintaining your finances in this way you eliminate the possibility of bad credit records and the like. Treat each other and your money with respect and your relationship should flourish.
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Disclaimer : This article provides basic information only and is not a substitute for a professional or legal advice. It is prudent to obtain legal advice from a family lawyer.