If I marry my boyfriend should we co-mingle our assets?

Question

His brother and sister-in-law do not have a joint checking account. They split the mortgage and she pays her fer stuff and he pays for his. But she also pay all the child expenses and medical insurance.

Answer 1

If you're just starting out, I would split things down the center, but keep your own accounts. There's always time, when you're more settled and ready, to open a joint checking account.

Also, some people open joint checking accounts and maintain their own seperate accounts as well. This works well for my husband and me.

Answer 2

it depends on how each of you are with money. if one of you is bad with money and big spender, then maybe no. You need to make sure your bills are paid and that the family, children, and house are taken care of.

A friend of mine doesn't have a joint checking account with her husband because he is an accountant. He stresses over every penny spent. They keep it seperate and do like your bf's sister does so she can spend her money after bills how she wants.

You can also open a joint account and still keep seperate accounts. Each of you can put your part of the money in each month, then either person can write the checks to pay the bills. You can use this account for grocerys, rent, utilities, car payments, child expenses, etc.

Answer 3

I grew up in a household where my parents did not co-mingle their incomes.
Dad and mom agreed on what responsibilities each were to be in charge of. They spent or saved as they each pleased, but only after obligations were met. In my own marriage I prefer it this way as well. As an adult I know what I want and need and what I can afford. I do not feel comfortable asking permission as I've seen some spouses do, to dispose of the income that I myself earned. This way feels right for us. Other couples may see it differently. I think perhaps it depends in part on how folks were raised and whether or not both partners are fully employed.

Answer 4

I am against co-mingling assets on principle, and certainly not until you know that the marriage will be a strong and lasting one. My husband and I agreed on who-should-pay-what when we married, and we keep our finances separate, but both contribute to the expenses. It also keeps one spouse from getting on the other's case about what they buy with their leftover funds.

Answer 5

You dont have to mingle your assests. Do what you are comfortable doing. My wife and I still have separate accounts. It's easier to manage for some people. that way you can keep track of what you spend out of your account(s). Joint stuff can get messed up if you are both spending out of the same account and can't keep the records straight.

Answer 6

Doesn't matter who pays what. If you get divorced ALL income (your's as well as his) are considered marital assets and will be divided equally just as ALL of the bills which are considered marital debt. Who pays for what is fine during the marriage but it will not work that way should you ever divorce.

Answer 7

split the bills.. you pay for your stuff... he pays for his...

but the split should not be 50/50 but based on income percentage.

If he makes 4,000 a month
and you make 2,000 a month
he should pay 2/3 and you should pay 1/3 of bills... that way one of you is not always broke while the other is rolling in money...
make sure to discuss medical and child expenses when deciding how to do finances...

Answer 8

If you are both working, plan each of you to have your own credit card, and your own checking account.... you are responsible for your bills, and he for his... (We had each others' name as secondary on each of our separate checking accounts, in case something happened to either of us.) In my job, I covered his medical insurance. He paid things like mortgage, his own car payment, insurances, and taxes. I paid all household expenses--everything from the maid, gardener, food, paper, utilities, etc. If a big bill came in, he'd ask me for some extra money to cover it. Both of us were responsible spenders... he did not go off and spend thousands unbeknown to me, nor did I do that to him. I paid for my hobbies --- art, horses, etc., and he paid for his hobbies--- skiing, boating. We each contributed separately to our IRA's having each the beneficiary. We held investments jointly, and I had trading rights on his IRA, as did he on mine. (He could not have anything taken out any of it and sent to himself, it just made it easier if he got up earlier than me and we decided to change something.... maybe you aren't there yet. And you may never wish to have him as a person that can move any of your IRA money around.....something to think about.)

If this sounds too complicated, it really wasn't.... each of us had money that we would spend without consulting the other, but again, each of us had a good income, and neither of us was a gambler, nor a cheat. However, as a little hint? "Always have a stash of cash no one knows about even if you know you will never need it ... you will, and the more the better." A little gem from my mom .

Answer 9

in the eyes of the law your assets are co-mingled regardless. if your strategy is to protect an asset then you need to set up a corporation or something like that to move the asset out of your name.

Answer 10

A marriage is no fun unless you co-mingle your assets and all the rest too.