Reply to Getting married in our 40s. How should we combine finances?

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[quote=Anonymous][quote=Anonymous]my spouse and i entered marriage with roughly similar wealth, and our only joint account is the one to pay the mortgage and utilities with. we [b]did not do a pre-nup, but pre-marital wealth is not a marital asset unless it is commingled.[/b] We contributed equal amounts to the house, which *is* a marital asset, and jointly worked out wills and trusts. (I have to support my parents while they are still alive, so needed to make sure that would continue without forcing my spouse to deal with them while probably grieving himself.)

we do not monitor each others credit card charges or money management. large expenditures, $5000 and up, are usually discussed. we do generally do an annual reckoning with our financial advisor on our finances and retirement goals, etc. but financially i am just not going to commingle, just like we don't read each others email.

in the end, you need to arrange things so that they work for you, though one note is that a person should always have *some* credit and savings in their own name regardless of whether the daily accounts are commingled. on a joint account, each person has the ability to empty it without the input of the other. i have know more than one person wake up to suddenly empty bank accounts and divorce papers. It is rather hard to retain counsel if you don't have money to pay a retainer. [/quote]

The problem with this is that often passive gains from that pre-marital wealth during the marriage are marital assets.  Depending on the length of the marriage, the gains on the asset could potentially exceed the original value of the asset.[/quote]

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