Couples share a lot with their partners.
They should not, however, share bank accounts, according to Suze Orman, host of the “Women & Money” podcast.
Having joint bank accounts can lead to power imbalances and a loss of autonomy, Orman said.
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The bestselling author and her partner, K.T., short for Kathy Travis, have been together for around 20 years. They have never opened a joint bank account.
Orman recommends using a simple equation to determine how much money each person will contribute to household expenses. Check out this video to learn how you can divide finances in a way that will be fair to both you and your partner.
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