You think that the wedding ceremony is a lot of work, but once the ceremony is over your work has only just begun. Now you have to begin to integrate your lives and finances. This step is crucial to get right because ultimately it is money that breaks up most marriages, not arguments over which Punta Mita condo rentals to get or what to name the kids. One of the biggest decisions you will have to make is whether to go with joint or separate bank accounts. Here is some food for thought on the subject.
Once upon a time, once a couple was married, everything the wife had now belonged to the husband, so of course everything would go into one account. Contemporary thinking has both people's possessions belonging jointly to the couple, which still leads to one bank account. However, if one person makes a lot more selling cloth diaper covers than the other or is worse with handling money than the other, this could lead to problems.
The most important thing to consider when deciding between joint or separate accounts is your situation and your feelings as to what's fair and right, not anyone else's idea of what it means to be married. You both must be comfortable with the situation, so it's important to talk it out. Perhaps even to consult a financial expert like Dennis Gartman. First you must agree on budgets and each person's contribution to joint expenses before you even consider integrating your funds.
Trust is a key factor that must be present in absolute form if you are to go with joint accounts. You must be able to trust that your partner won't go buy a loft, Toronto condo, or a new car without consulting you. But on the up side, you will be able to see the other's spending habits because you both have access to the account. In a lot of cases it can work out, but if one or the other has a gambling or spending problem, you should not allow them access to all of the money or it could disappear.
One option that could allow you to have the best of both worlds is to have a joint account for household expenses as well as each having a separate account for private expenses. Agree beforehand what portion of your wages from the lead castings factory will go into the joint account and what expenses will come out of it. Having private accounts will allow you to buy gifts or vacations for the other and have it actually be a surprise, but also gives them the option of doing something underhanded, so trust is a requirement for this arrangement as well.
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