@GTS wrote:@Rogue46I couldn't have said this any better. My significant other and I have been together for 10yrs and living together for 7yrs and and talking about marriage. We have a system to split the bills that works. She is a little less irresponsible and I have been working with her. At this point I would never get a joint account with her. I save for the future and any misfortune and she doesn't, she likes to splurge after her bills are paid. My fear is that with a joint account she would spend the "savings". Her credit is in the toilet and I have been rebuilding mine (because I used to be like her). Or with a joint credit card she would max it out. I would never not have her back if she would become unemployed or whatnot, that's what I save for, I'm just a little more mature when it comes to finances.
Well said.
Compatibility covers a broad spectrum, of which money is just one part. The key, as always, is finding ways to make things work. Separate finances can absolutely help keep the relationship thriving when differing money habits would otherwise derail things.
I really see it similar to a food allergy; we can enjoy different foods and still have a great meal together.
@GTS wrote:If people get married but don't get joint accounts, cards, mortgage, etc can one who is financially irresponsible affect the others credit?
Technically, in the circumstances you describe, if one of the two has bad credit, it has no direct effect on the other's credit.
But if two people are married, their lives are intertwined, which can wind up in many ways causing one spouse's finances to impact the other's.
Examples: Spouse A can't afford to pay for things, so Spouse B has to pick up the slack.
Spouse A has judgment creditors, who can try to levy on Spouse B's bank accounts used to support Spouse A.
Spouse A owes a lot of taxes, so Spouse B can't get the benefit of a joint tax return without becoming liable for Spouse A's taxes, so Spouse B winds up paying more taxes.
My wife and I have all of our finances together. Regarding loans, we are currently renting. However, our last house was financed only under my wife's name. The thinking behind that was to get an investment property under my name. I manage our finances, I ensure all the bills get paid on time, I pay off our CC, and we each get an allowance from our check to spend freely on anything we want without feeling guilty. She's not great with money but I am, and that's the reason I manage our money. As long as I give her a "budget" on how much she can spend, she sticks to it. She trusts my judgment and decisions when it comes to our finances.
We have one bank, which is a joint account. We have multiple savings accounts (Emergency, Travel, and Everything else), which my wife has full access to but no visibility when she logs in. It helps her not overspend :-).
The most important aspect of our relationship is open and honest communication. I learned from my previous relationship money was challenging to talk about and caused a lot of strife. My wife and I speak freely about money regularly, which is very important.
@Latoria wrote:Nowadays, separate finance in a couple is a great idea. It allows everyone to be responsible for their credit score and make both expensive and cheap purchases without their spouse.
Ummm, wut?
@Latoria wrote:Nowadays, separate finance in a couple is a great idea. It allows everyone to be responsible for their credit score and make both expensive and cheap purchases without their spouse.
Say what? Were on to you and your posts and threads you've started @Latoria. Lets see how your own thoughts are. Not something thats generated.
