Senior Solicitor Mark Christie was interviewed on BBC Tees’ Mike Parr programme this morning. He and Parr discussed whether or not joint bank accounts were a good idea.
Mark explained that a lot of people do not realise the implications of having a joint account when they separate. If a couple does have one and they default on it, the bank can come after either party. This should probably be made clearer, he suggested.
When a couple is separating, they need to look at any joint accounts they have and decide if they are necessary, Mark said. If they are not, steps need to be taken to close those accounts and each party should set ones up in their own name only. If these steps are not taken, there is a risk that one party may spend money from the joint account on themselves and their former partner could be held responsible for it.
Mark told Parr that while he could see the sense of joint accounts for the purpose of paying bills, increasingly he noticed that the younger generations tend to keep their money separate. The same is true of unmarried couples.
Mike Parr asked Mark if this could be due to a lack of commitment in the relationship. Mark admitted that this could be the case but there were probably other reasons at play too.
