Millennial

involved, it can be even harder. The simplest way to handle a joint account post-breakup, Kovar says, is simply to split the funds in half. But if one partner contributed more than the other — perhaps because that partner has a higher salary — then it may be a good idea to split it equitably based on the percentage that each partner contributed

to the account.

April Lee, the financial blogger behind HassleFreeSavings.com, is grateful that she and her former long-term partner never commingled their finances, especially when it came to the house that she purchased but that they both lived in. He consulted a lawyer to try to sue for ownership after they broke up, but in the end, he couldn’t prove that he had contributed financially toward the house.

“He couldn’t show that

one penny had gone toward joint assets,” Lee says. “Not having any joint finances saved my bacon.”

Setting up a joint account

If you decide to open a joint account with your partner, you’ll need to research accounts that can be co-owned. Once you’ve decided, check with the bank to see what documents and identification both of you will need to become joint owners of

the new account.

You also might want to ask your bank if there’s a way to set a withdrawal limit on the account, where if one person wants to withdraw beyond the set limit, the other partner has to approve it too.

Once the joint account is set up, it can be used for whatever you and your partner have agreed on. Perhaps you’ll use the account for online bill pay to cover your shared costs, such as internet, streaming services

or rent. Or maybe you’ve outlined how much you’ll each contribute toward a beach trip in Hawaii, and you’ll deposit funds into the account until you’re ready to book flights and a hotel.

The decision of whether to open a joint account with your partner is deeply personal. If you choose not to, you have other options, such as giving money to each other to pay for joint expenses. This setup takes some extra steps but can

help you keep your funds separate and protected. But if you’re ready for a joint bank account, the most important task is to make sure you and your partner are on the same page.