Many couples, whether married or cohabiting, have joint bank accounts.
It is important to be aware of the pitfalls of having joint bank accounts, particularly for cohabiting couples. For example, when deciding whether a cohabitee can establish an interest in property, one of the factors a Court will consider is how the parties treated their finances.
It is, therefore, unsurprising that we are seeing a notable increase in the number of cohabiting couples seeking to regulate their finances by way of a cohabitation agreement.
Any couple or group of people can open an account together, generally a regular current account with some added terms and conditions. Yet, experts stress there are benefits and pitfalls to sharing a bank account with anyone - even within an intimate relationship. Today, couples are living together and marrying later in life. Having increasingly led independent financial lives, the relevance of joint accounts may be questioned.