How Should Married Couples Manage Finances?

Now that is one major query every married couple has to face once they are legally married. Managing finance is a crucial task and one that should not be taken lightly. Recent study shows that most people are resorting to keeping separate checking accounts. Why is that so? And should one really separate finances once they are together?

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Splitting Expenses

As far as expenses are concerned, if both the couples are earning then they should sit together to decide how the household expenses will be split. This incorporates the cost of living, utility bills and of course cost of child care. If however, the couple has children from previous marriage, it becomes another serious matter as to how much the step parent is willing to split from his/her income for the child.

These matters may seem to one as something they can hold off after marriage, but I feel to have a smooth management of household issues, this needs to be settled before you say ‘I do!’

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My Assets and My Properties

Some couples prefer co-owning the house that they are living in. While this is a nice arrangement, financially speaking it may become your worst nightmare. To be brutally honest, if your marriage ends up in divorce, the property will be shared as per state laws. In case you wish to keep separate assets for yourself for worst case scenarios, talk to your attorney before hand. Things can get ugly and better play safe than repent later.

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Pre-nups or Post-nups?

Well, I say go for both. Keeping everything legally that is rightfully yours is the best option. Because, to face the worst case scenario you need to prepare yourself like wise. These are vital if one of the spouse is a legal guardian of the children you have together. Hence it is important to familiarize yourself with the laws as per your State so you may not have to face difficulties later.

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What do you think? Should one keep finances separate?

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