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![]() ![]() While it may seem fair, keep in mind that the model doesn't create equality. The partner with a smaller income should be responsible for a smaller percentage of shared expenses. If you select this model, consider the difference in your incomes. While that provides more freedom, it can complicate saving up for shared goals. Either way, the rest of their income is theirs to save or spend as they please. Others put a percentage of both incomes into a joint account opened for the sole purpose of paying shared expenses. Each partner owns sole responsibility for certain bills. Some couples remain extremely separate, never opening a joint account but rather dividing up their shared expenses. In the middle, you have shared expenses that overlap, like housing, groceries, and utilities. On your separate sides, you can maintain your own savings accounts, checking accounts, credit cards, and debt. Imagine a Venn diagram in which each of you make up a circle with a small overlap in the middle. Couples who choose this path often start out with lopsided debt and/or simply enjoy their independence and want to maintain it as much as possible. This model allows couples to keep everything separate while allowing for shared expenses. And if joining finances means one partner will help take on the other's debt, agree on a payment strategy now to prevent arguments down the road. Decide on your saving and spending strategy. This empowers you to agree on a joint money plan. Before jumping in with both feet, make sure both partners have a clear idea of the other's financial situation. But, like committing your life to someone, it does require a healthy amount of trust-and a shared financial vision. It symbolizes their total commitment to and acceptance of each other. This means shared savings, shared income, and shared debt.įor many, this “what's mine is yours and what's yours is mine," model is not only the most clean-cut way to merge their finances but also the most meaningful. They also add each other to existing credit cards. ![]() Both partners pool all their money together in joint savings accounts and checking accounts. ![]() This is perhaps the simplest form of married finances. While there isn't a one-size-fits-all solution, below are three models to consider while creating a plan that's best for you. Only with that knowledge can you decide how to handle your money as a couple. Prepare to discuss money habits, financial goals and even (or especially) debt. Choose a time and place to share an open conversation with your partner. If you want to improve your chances of a happy marriage, then getting on the same page about money is crucial. Whether you're soon-to-be-married or have already tied the knot, married finances can be one of the stickiest topics for couples. ![]()
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