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Joint bank accounts

Q. I am going into a relationship with a guy I have known for some time and we’re looking at a joint bank account now that we will be living together. What do you reckon? 

A. Think twice about a joint account and be very careful of STD — sexually transmitted debt! There have been countless cases of a busted romance ending with one partner sweeping the bank account ahead of doing a bunk and unless there are legal agreements in place, you don’t have a strong leg to stand on unless you have some really big brothers who have wonderful powers of persuasion. The old STD problem happens when you borrow together. This can make you responsible for someone else’s debt. It really can be annoying to be paying off a car that your ex-lover drives and doesn’t pay off, and not to mention is also carting around another girl in your place in the said car! Some people think if they go halves in borrowing for a car or some other expensive asset, they would be up for half if the relationship goes sour, but you can be up for the lot. The same applies if you’re asked to go guarantor or put your signature to a borrowing document for a business. In this case, you’re sucked into their debt trap if something goes wrong. Let me give you a tip: if you feel vulnerable or you feel pressured to do anything involving money — just say no and test out the relationship. If you can’t do that, put your hand up to run the money show in the relationship. This way you’re in control and your eyes are wide open and if you see changes in attitude with your partner, make sure you’re the first to the bank account! 

Looking for transparent and affordable financial advice? Book a complimentary first appointment with Switzer Financial Services today. 

Published on: Monday, November 09, 2009

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