Separate Finances and debts in marriages?

Question

Since some marriages end due to financial
reasons, do you think that couples should keep their
fiances and debts separate?

Answer 1

Sure if that is what works. I think everyone should have their own money in a relationship. Do joint and separate accounts.

Answer 2

I've been married almost a year. My husband and I have joint checking and savings. We both work and contribute to household expenses. I am working to pay off his credit card debt. He was not taught good financial habits. It's been difficult because he has 2 children and pays a lot in child support. But I also know that we are 100% committed to each other. I'm 33 and he's 38. I'm educated and working on my masters. I'm good with my own finances. He's becoming better. Together I think we will be fine. We communicate often about finances. We are careful not to obsess though. I could freak out about his credit card debt but there's no point. It was there before he met me. We are taking care of it. It's easy to get in a bind if you are not careful. But we love each other and are committed to each other. I think that's a key point. We are not selfish people either.

Answer 3

No you have to enter in a marriage with all your cards open way before you get married. Also before the marriage you both need to discus in detail how much money will be available at the end of a month for spending. You have to have a budget that you both take seriously and nether of you will over spends. Money is a big reason for arguments in all marriages. Further more this is not only with married people but also people living together. I personally don’t think people should marry but live together finances are sill something both needs to agree on before.
Carl

Answer 4

No one goes into their marriage thinking that it is going to end. If anyone is thinking about keeping their finances separate, than I feel that they need to seriously speak to their spouse and discuss it. It has to be a mutual thing. It kind of sucks though...keeping things separate is like being separate from each other. I guess if you feel like you have to separate your money, you don't really trust what the relationship will become. If you are questioning that, why get married in the first place? Whatever happened to trust? I guess that I should only have one of my vehicles under my name and the other under her name is case we divorce. This way I will have a car that is mine. Let's just separate everything and I live on one side of the house and you on the other. It's a sad, sad world.

Answer 5

I think one of the reasons couples get married, is so they can plan together, trust each other, and work together to make the marriage good. In my instance, my husband and I have one checking and savings account. WE discuss what we want to happen with our finances, set goals together, and make it work. We agree not to use the credit cards until they are paid off, and if one of us needs to purchase a big item, we talk about if first, not to get persmission, but to let the other person know what is going on. I think if a couple keeps their finances and debts separate, they miss an opportunity to work together on common ground and decide their financial future together.

Answer 6

To some, its not a real marriage unless all assets are pooled. Otherwise you are basically a friend with benefits. Marriage should be about working together... having a sum be greater than its parts... that sort of thing.

But a wise man... and woman... will keep a seperate savings for "Just in case" kind of situation. Especially if the spouse is bad with money.

Answer 7

I think at first yes... We are not married yet but living together as of 2 years. I have my credit and debts, plus I help my family. He has his credit, his debts and he helps his family. Since we both have our own budget, we need to control it. We have a spreasheet where we make sure that we pay bills down the middle. Once we improve our credit score and feel comfortable enought with having our joint accounts we will do this. We need one generally for the house so that we will feed into it weekly and all bills get paid from that one, which we think will be fair enough without harming each other's budget.

Answer 8

You will have a lot less fighting about finances if you both have separate accounts and there is a third account for the house...both parties contribute to the house account, both parties have savings account, etc. Joint accounts are the cause for more damned fights...just not worth the effort. Do not think that having separate accounts will save you any money if you divorce...doesn't work that way.

Answer 9

Nope, whats yours is his and what is his is yours. When you say "I do", you really do!! Best is to talk about it before marriage and understand that when you do marry, all of it becomes "ours". Separate finances in a household where one person makes more leads to fighting, if you have ever heard the phrase. "that's mine, I paid for it!" then you know how much it can annoy and frustrate you...I make more than my husband and because I don't want any friction in our relationship or make him feel like he doesn't contribute we share everything, if our marriage were to dissolve, without a pre-nup we would split everything regardless...His debts are your debts, your debts are his debts...just pay em' off together and don't worry about who makes more or who pays what just be, and you will be fine!

Answer 10

well when you got married you were joined together that means every thing should be joined.......you and hubby need to sit down combine you finances and bills....a budget should be set up and then every thing purchased should be discussed and talked about i mean major items not regular houseold needs....you are a couple now and all decisions should be made by both of you....and if you don't do this there will be trouble down the road. make plans to get out of debt...or it will be a long hard road......good relationships takes lots of work and being open and sharing everything.

Answer 11

My parents are on their second marriage. They do keep all financial dealings seperate. Both came into the marriage financially stable which made this arrangement easier. Both have their own businesses and dealings. They sat down and discussed who would be responsible for what in the mutual household. She covers the car insurance for all vehicles and he covers all medical insurance (about the same cost). She gets the cable and the trash bill and he gets the electric and the phone. They take turns picking up dinner tab when they go out and they appriciate each other fairly well. They have their own accounts and it seems to work for them. If they argue its not over money or bills its over where they are going to eat or the color to paint the living room. They seem to have it figured out.