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Post by FrozenPea on Jun 28, 2021 3:43:58 GMT
Yes to both,since we were 19.
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Post by crazy4scraps on Jun 28, 2021 4:35:43 GMT
Both separate and together…. I don’t want to high jack but have some questions about the quote I attached Several reasons. Some utilities will only talk to the person on the account. Some will require a death certificate if you want to change names. Some will charge you a deposit if you have no record of ever having an account with them. We ran into this multiple times if only one of us was on some account like the internet or gas company. If DH was the only one on it but needed me to sort something out during business hours (I work from home, he doesn’t and it’s just easier for me to handle things if it requires sitting on hold on the phone for an hour), it was a no go until he added me to the account. That said, we have some individual accounts and some joint accounts. It just depends on what it is.
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Jili
Pearl Clutcher
SLPea
Posts: 4,366
Jun 26, 2014 1:26:48 GMT
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Post by Jili on Jun 28, 2021 4:45:16 GMT
Joint. We married out of college/grad school and went into it with nothing. It made sense at the time, and it’s worked just fine.
With that said, I’ve talked with my daughters about keeping separate accounts and financial independence to the greatest extent possible. It just seems like a better way to go these days. I don’t see myself getting married again if I were to divorce or be widowed (not wanting either of those things), but I’ve had the thought that I’d never want to mingle my money with anyone else should that ever come up.
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cycworker
Pearl Clutcher
Posts: 4,387
Jun 26, 2014 0:42:38 GMT
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Post by cycworker on Jun 28, 2021 5:37:35 GMT
My parents have both. They're only 6 years apart in age, but their marriage is my dad's second (mom's only). They've been together over 50 years now.
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Post by jlynnbarth on Jun 28, 2021 6:23:20 GMT
We have joint everything. Utilities, vehicles, everything that can have names on it are joint. CA and WA (the two states we have lived in) are both community property states, so it’s going to be split 50/50 if it was opened after we were married. So no point in having separate accounts at this point. Plus it’s easier should one of us pass to have both our names on everything. We’ve been married 30 years and together 33.
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Post by hookturnian on Jun 28, 2021 7:56:24 GMT
I'm surprised to see that so many people have joint accounts for everything. That's unheard of in my circle.
The norm among my friends is for each to have their own accounts and manage their own financial affairs. They also then have a joint account that both partners contribute to. What each person will contribute is decided beforehand. Sometimes it's equal contributions, sometimes it's based on percentage of income. The joint account is for running the household, paying household bills, childcare, holidays, etc.
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Post by mikklynn on Jun 28, 2021 12:33:41 GMT
We have joint everything. But, we have 2 checking accounts that we refer to as his and mine. It has worked great for budgeting. We each handle certain bills. We both have debit cards to both accounts.
I think we did joint right away because we were young and broke. We both had just started out in our careers. We've been married 42 years.
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Post by bigbundt on Jun 28, 2021 13:26:07 GMT
My husband only has joint checking, savings, credit cards. All household expenses and investments and purchases are usually made out of those. I have my own checking and credit card that is separate but I really only use them for gifts or fun money. I am a SAHM now/selling on ebay but even when I was working full time this was our set up.
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Post by Merge on Jun 28, 2021 14:17:22 GMT
Joint everything. Started early in our marriage because he would never pay bills on time, so we pooled our money so I could pay all our bills. It works for us, 25 years later. Neither of us is the type to make a big purchase without discussing with the other, so there hasn’t been any stress or disagreement about it.
(We also have two checking accounts that we refer to as his and mine, but we both have access to both of them.)
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Post by crimsoncat05 on Jun 28, 2021 15:59:29 GMT
joint checking/savings accounts for banking and the bank card... we have one shared credit card, and we also each have our own individual credit cards that we had from before we met. Joint works best for us because my DH is meticulous about keeping the accounts to.the.penny. and I was always much more offhand about keeping my accounts balanced. He does all the bookkeeping and bill-paying.
Pros to joint: he does the bookkeeping the way HE wants it done. The joint credit card account accrues miles for Hawaiian Airlines, so we try to use it as much as possible for purchases. Cons: right now, I don't know the account info for most of the utilities. (when he was doing over-the-road trucking, I *did* do all the bill-paying, etc. but I don't regularly check into any of those accounts otherwise.)
Pros to us keeping some of our own accounts (credit cards):
The BIGGEST pro to keeping some of our own accounts is the credit rating history that we've each built up. I've had one of my credit cards since I was in college, and I have a VERY good credit history, and a high credit limit, due to that longevity. I'm not giving up my individual accounts; I want to keep my own INDIVIDUAL credit history up-to-date. His individual credit score is really high, too. I know that helped us out with getting our mortgage pre-approved and being able to buy large-ticket items when needed.
Also a pro: we can shop for each other without the other person seeing the statement, lol!
ETA: we have separate retirement accounts because we set those up before we got married. We were set up as the beneficiary on each other's accounts, though. Now that we're married, we still just keep them separate-- my DH's risk-to-return tolerance is lower than mine.
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Post by katiekaty on Jun 28, 2021 16:05:16 GMT
We have our own bank accounts that are all linked to each other and we have signing ability on each others and the kids. As for credit cards... I'm on his business Costco credit card because we get money back. That said, it's murder on my credit since my only credit card currently in my name only is my Target card. My credit score goes up and down over 10 points at times because of my Target balance (that I pay off monthly). Last summer my Visa that I had since I was 17 (30 years) was closed for inactivity. My credit took a HUGE hit. So... if you have a card that you don't use often make sure to use it once a year just to maintain that card as part of your score. When we did a refi on our house this past Feb, we got a killer rate because our credit scores are really high. You just described my DH and I! LOL it’s worked for 41 years and going strong.
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Post by tc on Jun 28, 2021 16:35:51 GMT
Separate everything, except we did both add Pay Upon Death to each of our primary checking accounts for the other. We were both married before. Not that I don't trust him or he doesn't trust me, but we were just realistic in that if anything were to ever happen to our marriage, it would just be easier. The only thing we own together is my car and I only put his name on the loan to get a better interest rate. It does worry me a bit that I'm not on the house title or the utilities, but he just keeps saying it will work out should anything happen to him. Easy for him to say. We also both know where we keep our online account passwords so we can get in if necessary.
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smartypants71
Drama Llama
Posts: 5,816
Location: Houston, TX
Jun 25, 2014 22:47:49 GMT
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Post by smartypants71 on Jun 28, 2021 17:39:52 GMT
Hellllllll no. We have separate everything. We will move money between our accounts, but our money is individual accounts. We also have individual cc's except for one which is our card with United benefits, and I only use that for when I buy flights/hotels.
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Post by scrappinmom3 on Jun 28, 2021 18:10:33 GMT
Joint for all for 40 years.
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Post by lisae on Jun 28, 2021 19:08:55 GMT
Separate everything. We work out who pays what shared expense like groceries and property insurance. Things that can be attributed to one person like gas and clothes are paid by that person. We have an agreed upon amount that each can spend on a personal item before discussing it with the other. It's high enough that this only comes up once or twice a year. We have never fought about money. It's a system that has worked for over 20 years.
The only downside is sometimes we get checks made out to both of us and we have to go to the bank together to cash them.
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Post by peachiceteas on Jun 28, 2021 19:32:59 GMT
We have been married two years and we have both. We have our own current accounts and savings accounts.
Our wages are paid into our current accounts and we put X amount a month into our joint accounts. From there, we can spend/save what we wish from our own accounts.
I absolutely love it because we have both shared financial security and our own freedom.
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DEX
Pearl Clutcher
Posts: 3,396
Aug 9, 2014 23:13:22 GMT
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Post by DEX on Jun 28, 2021 19:38:15 GMT
When I got married for the second time I wanted to keep things separate. My first husband managed the money. He wanted a certain standard of living but when I had to spend money for his wants he would get angry. I swore I would never be under the thumb of anyone financially again.
It worked out for me because when my second husband passed away, I was not responsible for his CC debt because I wasn't on his cards. The company must have written it off because I never heard another word about the balance. I had to send verification of his death.
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