Having fully separated accounts
Other couples will choose not to use a joint account at all, preferring to manage their finances separately via their own personal checking accounts.
Important! The way you choose to organize your finances can affect your personal credit. It’s important to discuss this with your partner beforehand to avoid unpleasant surprises that affect your personal financial situation.
The Financial Consumer Agency of Canada offers two very useful tools to help couples organize their finances and plan for their future:
When to contact a professional
In some cases, it might be helpful to contact a professional like a financial adviser or a notary to ensure that you don’t make decisions without being informed of the long-term financial implications or even simply just to ensure the impartiality in the couple’s decisions. The presence of a neutral person can also help defuse tensions while discussing sensitive topics and help you find some common ground.