Is Keeping Separate Banking Accounts Preparing For Divorce?

[moneybags]

. If we got a divorce and I had to split everything I have straight down the middle I would be pissed. I work hard to save and invest and he doesn't.

I'm no legal expert, but I'm not sure it matters. DH works FT, I work PT. He has a lot more in retirement accounts in his name, than I have in mine. I feel entitled to the money in his name as much as he is. That's the thing about marriage, for the most part, it puts all your assets & debt together legally.

[Caoineag]

Out of curiosity, for the people with joint accounts, do you have only one person doing the majority of the bills?

The only reason we would even consider a joint account now is that my husband only pays the rent anymore (rest gets alloted to savings and my account when needed) and I use a credit card paid in full for the majority of bills so we wouldn't have to worry about things getting out of control.

[fruitbowlk]

Please don't take offense at this, but I find this incredibly bizarre.

I would have to agree (again, no offense intended). How does that work? Doesn't it breed jealousy/hard feelings between you?

LOL. No offense taken. It's is bizarre but what I'm learning is that when you have issues you haven't resolved in your childhood and carry them in your adulthood and decide to marry and have a child your life can very different from others. I never thought this would have been my marryed life but it is so I go with the flow.

[Gruntina]

Depending in what state you live in, having either a joint account or separate account is not going to prevent you from not splitting your asset in half in the case of a divorce.

They determine what you earned or were given during the time of marriage to be shared property between the two of you regardless if your name is on the account or title or not.

In state like California, having separate account to protect you in the case of a divorce is just moot.

Beyond that, each couple has to determine how to handle the divorce (or their lawyers).

[feh]

Out of curiosity, for the people with joint accounts, do you have only one person doing the majority of the bills?

The only reason we would even consider a joint account now is that my husband only pays the rent anymore (rest gets alloted to savings and my account when needed) and I use a credit card paid in full for the majority of bills so we wouldn't have to worry about things getting out of control.

Yes, one person (me) pays the bills each month.

My wife carries the checkbook, but we use our credit card as much as possible. If she has to write a big, unexpected check for some reason, she transfers money into the account to cover it.

[ActYourWage]

Out of curiosity, for the people with joint accounts, do you have only one person doing the majority of the bills?

Yes, I am the one that takes care of the majority of our bills, but we budget each month so we know approx. how much the bills are going to be before the month begins. As soon as I find out the amount we owe, I tell my wife and then I use my online bank bill pay.

[disneysteve]

Out of curiosity, for the people with joint accounts, do you have only one person doing the majority of the bills?

Yes, I handle all of the finances, investments and bills in our household. Everything is joint with the exception of one credit card in DW's name that she's had since before we were married. But I pay that bill, too.

[maat55]

Please don't take offense at this, but I find this incredibly bizarre.

I second that, humblely.

[prosper]

Me and my wife have separate accounts and it works. I think it creates a system of accountability. I see nothing wrong with it as long as all the money is viewed as "our" money. BTW, I'm old fashioned; I fill my wife's gas tank up, pay for vacations, hair, nails, dinner, ect.

[Beccagold]

We've actually done both. When DH & I were engaged and probably the first year of marriage we kept seperate accounts. There was a joint account to save for the wedding and then to save for a home. We each paid differnt bills from our own accounts. Now everything is joing & I'm in charge of all financial matters. However, the seperate accounts thing taught us a lot! My DH is a spender while I'm a saver. Only enough money was kept in individual accounts to pay the bills and we each got an allowance. The rest went into the joint savings account. The allowance taught DH for the first time about budgeting. I'm so glad we did it and on the other hand I'm glad everything is "joint" now.

[Caoineag]

Ahh, see now we used to split bill paying equally so that it was less work (each person did about half though it was proportioned to income). Now that I have taken over so much of the finances a joint account makes more sense.

[LivingAlmostLarge]

But fruitbowl doesn't your husband want to go on vacation as well? How does he handle that you are leaving him alone?

And yep I just pay everything. DH just charges and has fun.

[fruitbowlk]

But fruitbowl doesn't your husband want to go on vacation as well? How does he handle that you are leaving him alone?

And yep I just pay everything. DH just charges and has fun.

Yes my dh would like to go on vacation but in all honesty it will be an all girl vacation. I was going to take my dd but she would be the only child there so I think she might be left at home also.

I would love for us to go on a family vacation but everytime I say let go to the beach or where ever he goes I don't have money. I didn't ask him if he had money I just said let go on a trip.

Do I not go on vacation or enjoy my life because he is too childish to sit down and talk about finances? I have always been a great saver so if he would take the time to listen to me about finances money wouldn't always be his issue.

[disneysteve]

fruitbowlk - Feel free not to address this, as it obviously a personal question and isn't any of my business, but stories like yours always catch my interest. I wonder how and why two people with "two different out looks on life" end up getting married, and what keeps them together once they are married.

I can't imagine I would have married anyone who didn't share my outlook on life, share common interests, common goals, common money management skills, etc.

[LivingAlmostLarge]

Fruitbowl, does that mean you don't take family vacations? How do you decide who is going to pay for college when your daughter is older?

If he doesn't save for retirement now, what happens when you actually retire? I mean if he doesn't have enough money what will you do? Get divorced then? What happens if he can't work and is disabled? How does he support himself?