So I recently got married and during a mini budget meeting, we decided I would be the one to take over the bill paying. The plan is to put the monthly amount for our bills in a checking account and disperse that way. Here’s my concern, my husband was previously married and is on child support and although I know he wouldn’t get behind intentionally, if life happens and he’s out of a job or something else, he would. Would it be better to have the account under my name only and he be a signer on it or what other options are there? I’m concerned about merging things with the “what if” scenario happening one day.
If circumsances change such as losing a job or a reduction in his income then he should go back to court and request a reduction in child support and then if he gets a job or a siginificant increase in income he goes to court again and has the amount increased. The family court will work with him so that he is paying the approiate amount based upon his income.
This website is a great resource for so many things financial related and certainly there is a some good advice in this thread.
The best advice I have seen is that you talk to your lawyer - both about your concerns related to the CS and in the event that the relationship goes south.
As this touches a bit on my own life - well - I'm not ever getting married again while minor children are involved and maybe never married again in general.
Divorces just have too much potential to negatively impact one's life and one nasty divorce was more than enough for me but I wish you all the best and - go talk to your lawyer!
DW and I have 1 joint account with very low balance for quick emergency cash. Regular Checking is seperate. Credit cards except Sams are all seprate. I pay all our bills personal and biz. We use almost no cash but for lottery tickets. Credit cards are a pull payments. We have a little black book with credit card numbers and log ins. We use the best rewards card for each purchase. We write checks for biz only and not many of those except employees wages.