Re: who pays tax on a joint a/c??
- From: "Tim" <me@xxxxxxx>
- Date: Sun, 13 May 2007 09:27:52 +0100
"GSV Three Minds in a Can" wrote"Tim" wrote"Andy Pandy" wrote"GSV Three Minds in a Can" wrote"Tim" wrote
... in general it is much easier to put accounts
in the appropriate name, and just have 50/50
on any account which really has to be joint.
Why would any account "really have to be joint"?
Come now Tim, surely that's obvious? So that both parties can operate
it.
What's wrong with each one using their own a/c(s)?
It seems much easier...
Why would you ever *need* to have
just one a/c, when two a/c's will work?
Because managing the accounts, paying out mortgage/rates, housekeeping,
and paying joint credit cards, and all that sort of stuff is much easier
organised with just one a/c to worry about. Half the paperwork.
I disagree. It's easier to split control of the expenses between each
of you, eg one pays the mortgage, the other pays for housekeeping
etc. That way each one knows what they are "in charge" of,
and won't need to keep asking the other if they can afford this
or that, or if the other person has already paid a particular bill...
"GSV Three Minds in a Can" wrote
For savings accounts ('emergency fund') it's not much good
having 'new engine for the car, £5k' money in a sole account
when that party is in Oz when you need it, and it's wasteful
to have two emergency accounts, one for each of you.
That's not a problem nowadays - with modern communications,
you can easily transfer funds from your a/c to your spouse's a/c at
a moments notice, *even* if you are in Oz and spouse is in UK!
"GSV Three Minds in a Can" wrote
And as someone said, if you drop dead, you don't want
your spouse to starve waiting for probate to happen.
*Independent* finances will help there!
"GSV Three Minds in a Can" wrote
If you don't trust your spouse, fine (but why then did you marry them).
You seem to be assuming that "you" have all the money, and the
"spouse" has very little. That needn't be the case - even if you
are the major "breadwinner", you can simply transfer part of
your "breadwinning" to your spouse's a/c each time you are paid.
Also - why don't you want your spouse to build up their own financial
status with banks etc, rather than "piggy-backing" on *your* status?
.
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