I keep reading suggestions about separating our finances. I intend keeping my husband at home for as long as possible. If I arrange separate bank accounts, who pays for what now?
What about Finance?
- Thread starter jenniferjean
- Start date
Hi @jenniferjean
Separate accounts and set up another account that you top up for bills, dd, etc from the two.
As long as you have capacity you can do what you like with your half share.
Separate accounts and set up another account that you top up for bills, dd, etc from the two.
As long as you have capacity you can do what you like with your half share.
Oh and I never had joint accounts. I paid for most utilities and he reimbursed me his share. He had a standing order for his share of the rent to me. We had a joint wallet for supermarket, restaurant and holiday expenses, which we topped up equally. It worked quite well!
This could be more difficult than I thought. I knew I would struggle if my husband had to go into care as we both only have pensions but my husband's pension is quite a lot more than mine.
If you mean his occupational pension then only half of this will be taken into account towards his care costs - the other half can be paid to you. Plus you may also be entitled to other benefits such as Pension Credit if you are on a low income. You might find this factsheet helpful: https://www.alzheimers.org.uk/get-support/legal-financial/financial-assessment
My husband has never had his own account, we've always had a joint account. He's never paid any bills, I've always had to deal with them. How on earth is he going to manage his own account now that he has alzheimers?
I'm pretty sure it's a private pension, not an occupational pension.
So as I see it if he goes into care they will take his state pension and his private pension. So I will have to pay for and maintain our home, but he will still own half of it. Crazy but that's not really my question.
I'm more concerned with how I need to manage our moneys while he's still at home.
No one says you absolutely have to separate accounts, but that is where the LPA comes in - with it you could separate and manage both accounts.
Do you have POA?
The think to do if you separate your finances is to open an account for him using POA so that you are named on it as the POA and can manage it for him, but it shows that it is his money.
You might be able to get half of the private pension too, I think it is just the state pension that they take all of it, but check up on that.
My husband and I had joint accounts from the time we got married and I kept these going.
However, once my husband was diagnosed with dementia I also set him up with a separate account where I would put his PIP money and any personal money such as birthday, Christmas gifts.
I also set myself up with an individual account for the earnings from the one day per week of work that I managed to hold on to, along with my carer's allowance and birthday money etc.
I continued running our finances from the joint accounts as usual. My husband's works pension continued to go into our joint account (as I was entitled to 50% of it) and I would then top up the joint account from my earnings, as and when needed. Had my husband gone into a nursing home I would have made arrangements to transfer half of his works pension straight to his individual account.
Having an individual account in place makes it easier if finances need to be separated at a later stage. My husband didn't need to worry about paying bills or running his individual account because, with the LPA I managed all the accounts anyway.
However, once my husband was diagnosed with dementia I also set him up with a separate account where I would put his PIP money and any personal money such as birthday, Christmas gifts.
I also set myself up with an individual account for the earnings from the one day per week of work that I managed to hold on to, along with my carer's allowance and birthday money etc.
I continued running our finances from the joint accounts as usual. My husband's works pension continued to go into our joint account (as I was entitled to 50% of it) and I would then top up the joint account from my earnings, as and when needed. Had my husband gone into a nursing home I would have made arrangements to transfer half of his works pension straight to his individual account.
Having an individual account in place makes it easier if finances need to be separated at a later stage. My husband didn't need to worry about paying bills or running his individual account because, with the LPA I managed all the accounts anyway.
Yes we have POAs set up. My daughter is also named on the POA for my husband. Does she have to be named on his bank account?
If you have got jointly and severally POA, so that either of you can do things independently, then you can do whichever is most convenient for you - probably just having you on the account would be easiest. To do this, book an appointment with the bank manager and ask what documents you need to bring (it varies from bank to bank)
Hi Jeniferjean,
We have always had a joint account but separate savings. OH diagnosed ten years ago and I have not changed anything. OH does not use cash or cards now. Personally I cannot see the point of opening different accounts when it might never be necessary. Even if OH goes into care we will be self funding for a few years. Cross that bridge if we come to it. I do have LPA but have never needed to use it.
We have always had a joint account but separate savings. OH diagnosed ten years ago and I have not changed anything. OH does not use cash or cards now. Personally I cannot see the point of opening different accounts when it might never be necessary. Even if OH goes into care we will be self funding for a few years. Cross that bridge if we come to it. I do have LPA but have never needed to use it.
