Joint Homeowners, Joint Accounts?
Posted by Leslie Eskildsen on Wednesday, October 14th, 2009 at 12:10pm.If you have been following me on Facebook, you know this issue has come up, but not in the way you think. I am toying with the idea of putting together a blog entry detailing some of my most "interesting" real estate transactions. Not to spoil it, but let's just say, opening a joint bank account for 2 days should never be part of the escrow process. Below is some good advice for any couple, not just homeowners, about how to handle their finances:
When you own a home with a spouse or partner, the issue of what's mine, what's yours, and what's ours can be a divisive one.
Each household has its own money management methodology and, according to financial talk-show host Suze Orman, most leave significant room for improvement.
In this 4-minute piece aired on NBC's The Today Show, Orman talks about co-managing finances with topics including:
- How to determine how much money goes into a "personal" spending account versus a "family" spending account
- The importance of both parties taking an active role in bill-paying
- How to manage the money when one partner doesn't earn an income
Being aware of money is the first step towards protecting it.
If you have any additional insights, be sure to leave them below. And don't forget, if you are looking for Orange County Homes for Sale, I am always available to answer your questions!
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