What are the legal implications if I have a joint checking account with my partner?
Having a joint bank account is sensible if you limit its purpose and also keep adequate banking records. Many unmarried couples have peacefully maintained joint bank accounts for many years. However, having a joint bank account has many risks. Each partner has a right to spend all of the money. Moreover, both partners are responsible for all activity involving the account. You are equally liable for bounced checks, overdrafts, and all of the rest. This can cause big problems if on of you is a habitual over spender. There are many risks to having a joint bank account. I have handled countless of divorces and dissolutions of unmarried relationships wherein one partner “cleans out” a joint bank account, and then skips town. I have one case wherein the devious husband cleaned out the joint savings account with $100,000 deposited in it. Thereafter, the unscrupulous husband then transferred the money to another savings account located in his home country of Columbia. Therefore, if you keep a
