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If it was your wife's inheritance, it should go into a separate account with which she should decide what to do with.
To each their own.
My income is about 3x what hers is, should we keep our income separate as well?
When we married all of our finances became one, why would this be any different?
We decide as a team.
We are on the same financial page. It would be different if I wanted to spend the inheritance. If she decides she wants to take 10k and do something with it she can, after all it is more hers than it is mine, but when it comes to investing it in our future, I can gaurantee you I have a better understanding of money than she does.
I would never "throw" money anywhere -- take the time to understand what is possible upside / downside with ANY "investment account". If you do not care to learn about the possible pitfalls of "investment account" as well as researching potential areas for at least average returns than MAYBE it does make sense to just pay down mortgage but realize EVEN THAT is essentially making an investment decision -- the statement you would be making is that the return on my personal residence is likely greater than any other sound investment . . .
Wouldn't the proper comparison be between the interest rate of the present mortgage vs the expected return on other investment opportunities rather than the expected rate of appreciation of the residence vs other investment opportunities?
If it was your wife's inheritance, it should go into a separate account with which she should decide what to do with.
Disagree. My wife and I pool everything together and don't split up bills or spending etc. We've already discussed inheritance and WE agree that WE inherit anything as a couple just like any other income or windfall profit we receive.
My wife and I pool everything together and don't split up bills or spending etc. We've already discussed inheritance and WE agree that WE inherit anything as a couple just like any other income or windfall profit we receive.
Same. When my wife got a small inheritance, it was just put immediately into our joint investment account. We'll do the same thing if/when I receive anything.
It also helps, as mentioned above, that we're on the same page, and neither of us wanted to make any large purchases that we otherwise couldn't afford with the money, but rather just save it all.
Be aware that Missouri is a "dual property" state, in that, in the event of marital dissolution, all assets are considered to be jointly and equally owned. However, assets inherited by one spouse are generally excluded from this dual property division, and remain the exclusive property of the one spouse that inherited it. To protect yourself (that's why we have courts and lawyers), persuade her to put it into a joint account, which will constitute evidence that she intended to share it with you, which will shift it heavily in the direction of dual property.
Unlike the "community property" states, though, Missouri requires that the property be split "equitably", which does not necessarily mean 50-50.
The absolutely worse thing that I ever did during our marriage was allow my husband to consider the money that I inherited from my parents as "family money". My family and every financial advisor says to keep inherited money separate.
If I had put it in a separate account and saved it for my retirement I wouldn't be forced to continue working with severe rheumatoid arthritis (probably until I'm 70). My husband spent my inherited $100,000 on what he felt were "family essentials" within two years.
I wasn't fooled a second time. On the land that I inherited I made my husband sign a document, with an attorney, stating that it was my inheritance and he had no rights or any say in anything related to the land (my husband kept saying that I should sell the land so "we" could get the money). That document, and my will, leaves the land to our children. BTW My siblings all had their spouses sign similar documents (although their spouses weren't salivating about "getting their hands" on the property like my spouse was).
If it works for your family to co-mingle inheritance money that is fine. But, I hope that it really is the decision of the person who actually is willed the inheritance.
I was just pointing out that in my situation (for many other reasons that I do not want to share) it was the absolutely worst financial decision that I have made in my entire life. I only made that decision (to share the money with him) after intense pressure from my husband.
My husband continues to think that his spending the money that I inherited from my parents was a good decision.
Last edited by germaine2626; 05-21-2013 at 05:46 PM..
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