Love and Money Do Not Mix Well
In my humble opinion, “Until Death Do You Part” is associated with marriage and not other romantic relationships. What am I talking about you may ask? Sometimes boyfriends and girlfriends think they will be together forever, so they give each other privileges that I think should be reserved for marriage when there is a more lasting commitment. This is not a lesson in morality. It has everything to do with Money Management. Oil and water are not the only things that do not mix well. Sure, several unmarried couples have mastered managing their finances together. However, there are several more that made the mistake of mixing love and money and got burned. It’s unfortunate but very real.
It is almost like a soap opera or reality television. An unmarried couple will come into the bank to open a joint checking account or an account holder will come in with their new boyfriend or girlfriend to add them to their account. They are so in love. They are smiling and holding hands and talking about how much they love each other. When someone is added to your account, he or she becomes a joint owner and not just a signer. He or she has the ability to withdraw some or all of the money from the account. He or she even has the ability to close the account because in most cases only one signature is needed for such transactions. When love is in the air, these thoughts and realities usually go right out the window. Caution is thrown to the wind because the love bond is so great that there is no need to worry.
If husbands and wives argue, fuss, and fight then you know boyfriends and girlfriends are going to do the same. That is exactly what happens. Instead of seeing them come into the bank together, you notice them coming in separately and the smiles are gone. Then one day the original account holder or one of the parties comes in to complain that the other cleaned out the account. Of course, since it is a joint account there is nothing that can be done except to close the account so the other person does not continue to make withdrawals if more money is deposited. Remember, both parties have access and a right to the money in the account regardless of who deposited the money into the account and whose name may have been on a check or direct deposit. Of course, that is a sad situation. What is even more sad and unsettling is when the account holder comes in a month or two later with a new boyfriend or girlfriend to open another joint account or add them to their account. The result will most likely be the same but some people have to be burned several times before they get the message to stay out of the fire. You can be in love someone without giving them access to your bank account. All the best!
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