![]() if you are young and getting married and there are no children from previous marriages I believe you need to join your finances and assume that you will be staying together for better or worse, but both of you need to know at all times what is going on with the money or you may have an unpleasant surprise when you decide to retire decades from now and that is when you learn that your spouse stinks at handling money. Keeping your finances separate doesn’t prevent you or your spouse from inadvertently picking that fight. This makes it important to civilly discuss splitting finances in marriage separation. So long as you are married, all financial institutions will regard your debts as shared. Whatever we came into the marriage with we have kept separate, and money earned together goes into a joint account. Elizabeth Bracher, a 29-year-old living in Ohio, tells CNBC Make It that she plans to keep her finances separate after she marries her fianc, Zach Sullivan, in August. According to the words found in the Journal of Personality and Social Psychology, couples who pool all of their money (compared to couples who keep all or. Understand that keeping the marital home after separation may not be possible. I recently remarried and we keep mostly separate accounts. Part of the transparency includes open communication around debt, credit scores, savings, and investments going into the marriage or cohabitation. he is still in debt, I can retire if I choose to (and, NO, he wasn't paying alimony!) He's a spender, I'm a saver. Just because someone is smart and educated it doesn't mean they are any good at handling money.įast-forward twenty years. It ensures both spouses have access to all family bills no matter what happens with their income. This can be especially important if one spouse earns most of the money or spends more than the other does. Both partners share the financial burden of day-to-day expenses while maintaining financial independence. Benefits of keeping your finances separate in marriage: Allows each spouse to control his or her own spending. ![]() Ten years later, when we divorced, I learned that all we had to split was the debt. Then each partner can have separate accounts to pay for individual assets. I would hand over my check to him and let him take care of all of the finances. My first husband had a Master's Degree in finance. ![]()
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