Banking on my boyfriend
I've started getting my salary paid straight into my boyfriend's bank account. We've been together for a year and are engaged so we wanted to plan for the future financially, but I'm worried it's all happening too fast. Should I have kept my financial independence until we were married?
Deciding if and when to combine your finances is always a delicate issue because it represents a deep commitment to the relationship. However, it is important to consider the practical implications if something goes wrong.
Putting the money into your boyfriend's bank account gives him complete control of all the money - he can do what he wants with the money and you can do nothing to stop him.
It might be better to set up a joint account in addition to your personal accounts. It would be possible to set it up in such a way as money could only be withdrawn if both of you signed a cheque or a standing order. The same could be done with savings accounts and other financial products you may wish to buy.
Maintaining individual accounts would mean that you could make transactions that you might not want your boyfriend to see, such as buying birthday or Christmas presents. You may also want to have your own credit cards so that you are not liable for one another's debts, should there be any.
If you are living together you need to make sure that things such as housing costs and utility bills are equally shared and that you are not held liable for each other's debts. This is more difficult than it sounds, but you can have a written agreement setting out who pays what and even have the bills come in different names. There will also be issues around Council Tax and who is liable to pay, so you may also want to think about this too.
Whatever you decide, it's probably a good idea to talk about it with your boyfriend. Communicating as a couple isn't always easy, but it's important to share your concerns.
Question answered by CAB