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Finance talks before marriage

August 11th, 2008 at 01:15 pm

My boyfriend and I are counting down to D-day, which is probably about a year or more from now. We've gotten to the stage where we work through questions to ask each other before getting engaged. I got some questions off www.oprah.com.

Question 1: Will we have a joint account, or do we go for separate bank accounts?

Me: Joint account for household expenses. Separate accounts for own funds. (Otherwise known as "screw you" funds, but I prudently left that part out.) Or do you want to earmark items that each of us would contribute to?

Him: Joint account, but we both contribute to it based on percentage of income. And if there's a kid, then he/she becomes part of "household expenses" too.

Me: Sounds good.

Posted in Uncategorized | 4 Comments »

4 Responses to “Finance talks before marriage”

  1. sillyoleme Says:
    August 11th, 2008 at 02:46 pm 1218465982
    1218465982

    BF and I are going through a similar stage. We have just one account for all of our expenses and spending money now, but eventually I want us to have our spending money in separate accounts, just so when holidays or birthdays come around, he doesn't see what I bought him on the bank statement! Smile

  2. gamecock43 Says:
    August 11th, 2008 at 03:18 pm 1218467933
    1218467933

    I'm getting there myself. I am having trouble merging accounts though my fiance has no trouble with it.

  3. merch Says:
    August 11th, 2008 at 08:35 pm 1218486950
    1218486950

    When you get married you are one. All accounts become joint. That's how we run it. Everyone can see every dollar. No hinding, no mine, no hers, only ours.

    We get a divorce, we get a divorce. I also have no prenup.

    My recommendation is to have one joint account. It forces you to communicate more, work together, and you can't hide things (honesty). You both need to be involved in the finances.

    I won't marry someone I couldn't trust completely.

  4. greengirl Says:
    August 12th, 2008 at 10:42 pm 1218580943
    1218580943

    my dad and my stepmum have a joint account for household expenses and their daughters school fees etc and then separate accounts.

    i would say personally i would do the same thing when BF and I buy property.

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