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19

We want to be able to get two cards (related: is it difficult to ask the credit card issuer for two cards, even if the account belongs to one person?) with the best credit limits and perks. No, it's actually quite common to have authorized users on your account. They typically get a separate card with their name on it, but it's attached to your account and ...


15

I hear you (and those answering) use the words "my money" (or "me to pay for stuff") The sooner that ends, the better off you'll both be. My wife and I do have our own checking accounts that we maintain so she can write a check without notifying me, or I can buy her a birthday/mother's day/ etc gift without it showing in the joint account, but nearly all ...


14

Instead of saying yes or no, I would suggest an alternative -- help her get a secured card in her name. They count as credit cards, they get reported to the credit bureaus, the amount doesn't need to be excessive (250 to 500 would be a respectable amount) and the better ones will frequently add unsecured credit as you show that you can use it. It need not ...


13

Since your credit score is much better than hers, you should apply for the credit card yourself alone to get the best chance of approval for your card of choice. Once you have the card, you can add her as an authorized user, which will get her a card of her own, tied to your account. Most banks will begin reporting to both of your credit reports, which ...


12

The first and most important thing to consider is that this is a BUSINESS TRANSACTION, and needs to be treated as such. Nail down Absolutely All The Details, specifically including what happens if either of you decides it's time to move and wants to sell off your share of the property. Get at least one lawyer involved in drawing up that contract, perhaps two ...


12

Your lack of numbers makes the question a difficult read. What I'm hearing is "I want a house requiring a mortgage 8X my income." This alone is enough to suggest it's a bad deal. On a personal note, when my wife and I bought our house, it was 2.5X our income. 20% down, so the mortgage was exactly 2X income. And my wife was convinced we were in over our ...


10

this seems like a bad idea. Example: You want to sell. He doesn't. But he doesn't have enough money to buy you out. What will you do? You might want to sell because you need money, you have to move, you want to get married, you want to start a new business, etc. You two are not equals (you need a place to live), so this is unlikely to work.


9

There's an absolutely fascinating history of independent taxation in the UK in this 1995 House of Commons research paper "Tax and Marriage". Some choice extracts below. Certainly income tax in the UK used to be paid as a couple originally: Since the introduction of income tax in this country in 1799 ... a married woman's income has been taken to be ...


7

I can't speak for the UK banks specifically, but in the US, oftentimes the name field is not a required field for verification purposes. So, it's possible that the charge did not even include the name at the time of processing, and since the other numbers are the same, the bank wouldn't know who the charge was for. This is one of the downsides of having ...


7

I think your question is about making someone else an authorized user on your credit card to help their credit score, but not giving them a physical card. Right? The other person would still be an authorized user in the bank's system with a card in their name and social security number (even if you physically destroyed the actual piece of plastic). Since ...


7

Is it difficult to ask the credit card issuer for two cards, even if the account belongs to one person? You can most definitely get two cards for one account. People do it all the time. You just have to add her on as an authorized user. Would it be better for me to apply for the card on my own, or would there be an advantage to having her co-sign? It ...


6

Interest on a joint account in the UK is attributed to both account holders with an equal 50/50 split, regardless of who has deposited the account balance. If next year you become a higher rate tax payer but your girlfriend remains on the basic rate, you would have to pay the full 40% rate of tax on half of the interest. E.g. You have a balance of 100 ...


5

The one that signs the check is the one that's giving the gift, and unless it is a spouse - gift splitting won't work. I suggest each of you to write a separate check. It would be even "cleaner" if it is not coming from joint accounts.


5

It may clarify your thinking if you look at this as two transactions: You and your friend forming a partnership to invest in a property, You leasing the property from the partnership. I am an Australian so I cannot comment on US tax laws but this is how the Australian Tax Office would view the transaction. By thinking this way you can allocate the risks ...


4

My feeling on this is that anything to do with a child and raising a family has to be a joint effort. It is very rare that both of you will have exactly the same income, or the same time to spend into caring for your family, so work out what you can do. For us, I work 70+ hour weeks, my wife works 18 hour weeks. Far more of my money goes on clothes, kids, ...


4

You might want to head on over to https://law.stackexchange.com/ and ask the same question. However from a personal finance perspective this kind of drama is somewhat common when someone is deceased and financial expectations are not met by the heirs. It sounds like the daughter was expecting a lot more in inheritance than was actually received. There ...


4

That would not be automatic. If the Account requires ALL [or Survivors] for withdrawal, upon death of one of the Signatories, there would some paperwork [death certificate, etc] that needs to be submitted to the Bank to change the Signatories. Until such time, withdrawal cannot happen from the account.


4

If it is a joint account then you would have completed a signature card for the bank, which authorizes you to use the account as if it were your own. Many times, with joint accounts, the bank will put the names of both account owners on the checks so that it is clear to anyone accepting the check that either you or your mom can write checks on the account ...


4

From an article that discusses this issue: The law doesn't get involved unless and until you divorce. ... As far as the financial institution is concerned, your husband has no right to the money because it never entered into a contract with him. ... If you or your husband file for divorce, your account becomes subject to your state's family law code, ...


3

(The following is based on my understanding, from my own experience of what my bank has told me. I assume it's true, but I haven't bothered to research it.) In the UK, there is no such thing as a "joint credit card". A credit card account must have a single account holder. The account holder can request cards for additional card holders, and the account ...


3

The details of any bank accounts are irrelevant. If you're self-employed, you submit your tax return to HMRC at some point after the end of tax year. HMRC then tell you how much tax you owe and when payment is due, and you then pay it. HMRC don't have access to your bank accounts. Note that interest earned on a bank account is treated as taxable income, ...


3

I'd strongly advise against this though as you'll create a connection on each of your Credit Reports to the other individual. If either of you have major debt problems down the line, you'll have to "disassociate" yourselves with the credit agencies to break the link. Why not just have an envelope of cash that you use to go shopping with? No hassle and you ...


3

I see no reason why not, I just opened a joint account with my partner and all we needed was proof of our address and some valid ID - driving licence/passport plus a utility bill worked for us. Of course if you both already bank with HSBC they will already have this information and your bank card may suffice, if you don't have utility bills for example.


3

She can't do anything about having the details on the check (or cheque as we say in Australia) changed, as the shares were in joint names so the check has to be in the same names. The shares were obviously bought for her by her father probably as a gift or as a notion of helping her start her adult life or so she would have a little nest egg for the future. ...


3

The answer is: It depends... How has the check been made out? Three possible variations: Either party: Pay to the order of Mr. John Doe OR Mrs. Jane Doe Both parties: Pay to the order of Mr. John Doe AND Mrs. Jane Doe Ambiguous: Pay to the order of Mr. John Doe Mrs. Jane Doe In the first case, you should be able to deposit the check in either person'...


3

It doesn't help in your specific case, but there is a limited ability to do this via the Marriage Allowance. From the link: You can benefit from Marriage Allowance if all the following apply: you’re married or in a civil partnership you do not pay income tax or your income is below your Personal Allowance (usually £12,500) your partner ...


2

I think the biggest thing you need in this situation is a budget/spending plan that you both agree on. Look at what your income is going to be and what expenses you'll have, and make cuts where needed. If it's important to you that she be able to spend some money on herself, then make sure there's a budget for it. Often, knowing that there's a plan that ...


2

This is best answered by your Bank. Generally if it is not specifically mentioned "any two"; all signatories need to sign. Some rules from Arab Bank.


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