Quote:
Originally Posted by bluck
As I get closer to perhaps taking that plunge into marriage, I did have a few questions I was hoping to get some input on from people may have come across similar situations.
1. Bank Accounts/Finances - Do you tend to keep separate accounts and have a joint account which you each contribute for bills/groceries/daily living necessitates etc? Or do you merge your accounts into one? Also...
- Let's say I make 100K and she makes 50K would you still split the day to day expenses evenly or would whoever makes more be expected to contribute more to the household?
2. Housing - I own my own condo, it's paid off, no debt. My name is on the title. Would I be expected to put her on the title to make it "joint" at some point in time? This is honestly something that concerns me the most and something I am not comfortable with, heaven forbid something happens and we split up and she owns half of my biggest asset.
3. Off topic question but what the hell - Did you ask your spouses father for permission to marry or did you just say to hell with that tradition?
Thanks all for your input in advance.
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1. We keep separate accounts for incidental spending but all household bills come out of a joint account. She brought more debt to the marriage but also makes more, but in the end we just budget all costs and budget full income from both. We don't look at it as individual incomes but as household and we pay the bills, set up the savings and the rest is split evenly.
2. You would want to check with a lawyer but I know my MIL just went through a divorce and she was entitled to 50% of all appreciation in the value of the home while they were together and as far as I know he had owned it outright before getting married. Probably a good idea to get a valuation before getting married.
3. I asked him and it actually surprised him that I did it. Since her parents are divorced I asked her mom too. I think the thought was appreciated even if I was going through with it regardless of their answer.
My biggest piece of advice is communicate with your spouse-to-be. Finances and children are huge deal breakers and I have had a few friends have marriages end because these things weren't discussed first. See where she lies in regards to finances, how she would like to do things and find a compromise. Pre-nups can be useful but I haven't heard good things when they are just sprung on the one partner without discussing it first.