When a couple joins financial forces, it’s typically so they can accomplish a joint savings goal or contribute to shared expenses, such as those that come from living together.
This is a typical step for married couples, but more unmarried couples are taking the plunge to combine households: The number of unmarried partners that live together nearly tripled between 1996 and 2017 from 6 million to 17 million, according to the most recent figures available from the U.S. Census. From living together to sharing other financial goals, unmarried couples may have questions about how they can manage their money together.
One way to streamline shared expenses is to open a joint bank account, which can simplify the way you pay for things together. If you’re considering opening a joint bank account with your partner, you’ll want to think about the pros and cons of that option….