Quote:
Originally Posted by I-Hate-Hulse
No need to "ask" and jointly agree - isn't that paradise? (and a big source of arguments in marriages?)
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Well I'd argue that if a purchase were to cause friction in a marriage, there is likely a reason (i.e. can't afford it, dumb purchase) and discussing it is the best course of action to potentially revise or abandon the purchase if it doesn't make sense for the family unit. Giving each party impunity in their "extra money" spending sounds like a recipe for unnecessary spending.
It also allows for better financial planning and asset management. Potential income splitting, capital gains decisions, and tax planning (aka tax savings!) opportunities could be missed because each party is still operating as a single person financially. Just because we manage finances jointly doesn't mean we don't have individual accounts and savings in our own names, but all of the money is 50/50 regardless of account bearer.