Money can be a sore subject in any relationship.
Sharing bank accounts with your partner may make your budget issues even worse, 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.
The bestselling author and her partner, K.T., short for Kathy Travis, have been together for around 20 years, and 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 to split finances in a way that will be fair to both partners.
More from Invest in You:
How 3 millennials started a hard seltzer brand while working full-time jobs
These trucking companies are offering full benefits and $50,000 pay to attract new talent
How much you need to invest each month to save $2 million by the time you turn 40
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.