Reply to Best way to divide money when you’re married?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My wife and I have a joint checking and savings account, and we also have our own checking accounts. We give ourselves a certain amount of money each paycheck for personal spending and the rest is auto invested and goes to the joint checking/savings accounts. Joint accounts are used for household and couple expenses, personal accounts are used for hobbies, etc.

Is this a good way to do it? We are just starting out. I have a much higher income so it feels more fair to have joint accounts vs keeping everything separate. [/quote]

Yep! This is exactly what we do.  Personal spending should be well defined though.  Like if you both go to dinner does one pay from personal spending? We do.  This makes it easier when you have kids too.  Also, there are no questions when DH buys a new racing bike or I buy those expensive boots.  If I have the money in my account, I get them.  And the added bonus is that at Christmas you can truly surprise your spouse![/quote]

No and no again.

I’m glad this works for you.

However OP’s wife makes less is she a second class citizen?  What if he brings in $500 k a year and she $100k. So what she can’t buy using those expensive boots previous poster bought?

Trust you either trust them fully or not

All money goes into joint accounts.

Plus if you don’t trust your partner why are you married?

In red states this will be even more of an issue moving forward.

Prenup different come into the marriage with more money sure but anything brought in during the marriage should be joint. [/quote]

NP. It depends how you set it up. I make more than DH. We each keep $500 every month in our personal accounts. Everything else goes into the joint account. This means that I contribute much more, but we both have the same amount available for personal spending. It works well for us. [/quote]

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