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I'm still pretty young and not thinking about marriage yet, but I've thought about this a lot lately because my parents frequently fought about money despite being reasonably comfortable. I can only imagine how much worse it is if a household is living paycheck to paycheck.
I think I'd want to keep a separate account, at least for the money I saved and invested prior to the relationship.
I'm still pretty young and not thinking about marriage yet, but I've thought about this a lot lately because my parents frequently fought about money despite being reasonably comfortable. I can only imagine how much worse it is if a household is living paycheck to paycheck.
I think I'd want to keep a separate account, at least for the money I saved and invested prior to the relationship.
Every married couple I ever knew who insisted on completely separate bank accts and he pays this, she pays that has ended up in divorce or just complete misery.
Marriage is supposed to involve a team effort. When couples can't come together as a team and instead act as opponents there will always be issues.
That being said, when entering a marriage it is wise to have lots of good communication ahead of time about expectations and goals, especially when it comes to finances.
When people take the time to do this they can better negotiate what they are each comfortable with so that neither of them has to feel discounted or taken advantage of.
Therefore, I would not suggest you make up your mind right now as to how you will handle things later if and when you do marry. Wait until you actually have a significant other and make these decisions together, AS A TEAM.
I'm still pretty young and not thinking about marriage yet, but I've thought about this a lot lately because my parents frequently fought about money despite being reasonably comfortable. I can only imagine how much worse it is if a household is living paycheck to paycheck.
I think I'd want to keep a separate account, at least for the money I saved and invested prior to the relationship.
We actually have several accounts, one is his, one is mine and one is ours and that is outside of my business account.
It works well for us but we both have complete access to all accounts so there is never an issue about what funds are where and why.
Some people it can work out great and others will struggle with it.
Finances can be very hard on any relationship unless those in the relationship are on the same financial page.
My hubby and I did this. I don't believe it had any effect on our separation 10 years later. It may have contributed to making that separation easy and congenial, though.
i think it's freaking smart. This will prevent your spouse from royally screwing you when she/he leaves you. Have a joint account to pay the basic bills but that's it.
Every married couple I ever knew who insisted on completely shared 'mi casa es su casa' bank accts where both paychecks autodeposited into one acct and all bills were paid out of that one acct and both people had withdrawl access
has ended up in bankruptcy or just complete misery.
You will fight about her buying shoes and purses with the money you said was earmarked for your new fishing pole or golf clubs. When the check bounces for the cableTV, one party will say "but I had to pay the car insurance. I thought you said you got paid yesterday. Why did you withdrawl cash at the ATM and screw it all up?!?"
As complicated as it is, I recommend solo accts for each, and third shared acct for common agreed expenses. I don't *want* to fight about your Christian Louboutin SHOES.
It's very situational. I had a LTR where we lived together for years, but did not share bank accounts, and that was a very good thing. My husband and I have multiple accounts between the two of us, both ones we've opened together and ones that predate our relationship/marriage, but we each have access to all of them.
We don't ever fight about money/expenditures, because our spending habits and saving habits are extremely compatible, and we discuss or at least give the head's up of any individual purchases of over $100. And we're both quite thrifty They day I buy Louboutins, for instance, will be the day I die.
Every married couple I ever knew who insisted on completely separate bank accts and he pays this, she pays that has ended up in divorce or just complete misery.
Quote:
Originally Posted by SUPbud
Every married couple I ever knew who insisted on completely shared 'mi casa es su casa' bank accts where both paychecks autodeposited into one acct and all bills were paid out of that one acct and both people had withdrawl access has ended up in bankruptcy or just complete misery.
OK, ok - they were KNOCKOFF Christian Louboutin shoes. But you get my point.
And I hope lovesMountains didn't mind my sing-song parody.
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