Let’s start with a potentially controversial statement; you don’t have to mix your money with that of your partner’s – irrespective of whether you are married or not.

Why? There are all sorts of reasons not to, ranging from you perhaps wanting to maintain financial independence to it actually making better financial sense.

For example, if you mix your money you will also be joining your credit reports. And if one of you has bad credit you will then both be affected, making loans much harder to get. In addition, if you do get a loan together and your partner fails to pay back his or her half, you will be responsible for the outstanding debt. And if you break up, although this is a tangle from which you can extricate yourself, you cannot do so easily – it will take time and effort.

It is also important to note that English law treats married and cohabiting couples differently, so that not everyone is subject to the same rules. For example, married couples may transfer assets between them free of Capital Gains Tax, which means it might be worth reallocating any belongings that produce an income to make the most of this allowance.

Having focused on some of the negatives, it is also true having a joint bank account does make it easier to ensure your outgoings are shared equally or proportionately – depending on what the two of you have agreed – and feathering your nest in the same way.

Ultimately the choice is about personal feelings, trust levels and the financial baggage accrued by you both prior to the relationship. If you are unsure about what you want to do, and the consequences of different courses of action, it is always best to seek expert advice from those with experience. So, if you would like to speak to a friendly financial professional about your options, please do not hesitate to get in contact with us. After all, we have years of experience working with women in dentistry that we can share with you.

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