A friend of mine that happens to be legal counsel shared a tidbit of advice today that I saw fit to share with my fellow NYCTalking friends.
The information stated that when opening a joint bank account in NYC, any money deposited in the account is immediately split down the middle. 50% of the funds go straight to the other person sharing the account. Meaning if you deposit $100 into that account, $50 legally belongs to your friend, partner, wife, husband, etc.
Of course none of us want to think that anything will ever go wrong, and some believe this line of thinking is toxic to a relationship, but reality is that it can go wrong and quite often does. When under the spell of love, friendship, or whatever, we don’t think in terms of business, however when splitting, its all about the business. This is a nice tidbit that we should know when combining our finances with another person.
My personal advice? Keep your own account!
(Please note that I have not officially verified this information with any legal agencies, judges, etc. This site is not meant to replace “real” legal advice. Please feel free to investigate this more thoroughly and if you do, please share your findings with the community.)