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Old 03-14-2014, 01:35 PM   #21
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We have been splitters all along and continue to be splitters. His, hers, and joint accounts settled monthly.

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Old 03-14-2014, 02:47 PM   #22
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DW and I even share an email address....

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Old 03-14-2014, 03:09 PM   #23
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I have a few titled to me, but TOD to her. When I had a paycheck, a set amount went to her account (actually joint, but I don't use it). Now that there's no paycheck, I have a regular ACH transaction that covers stuff for which she has budget (groceries, gas, girl stuff). If I cash-in, she'd need to "break the glass" to log on to my billpay account, short term. But the regular transfer and mortgage should just keep going for a long time, even if nothing gets done.
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Old 03-14-2014, 03:12 PM   #24
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We have always kept two checking accounts with both names on each account. However, only one name is printed on the checks for each account and manage them hers and mine. However, in case of an emergency, either one of us could sign a check or withdraw money from either account. The investment account is where most bills get paid and that is a joint account. We have our own credit cards. I don't really see any reason to change after retirement.
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Old 03-14-2014, 03:19 PM   #25
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When we married, we did not have much. So everything was combined. Most of what we have today is still owned jointly except for retirement accounts (we are each other's beneficiary) and inheritances.
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Old 03-14-2014, 04:34 PM   #26
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We have joint checking and savings accounts and credit cards. Everything else is separate. As we invested over the years we would try to keep the amounts relatively even in each of our names, but since we moved to Texas about 15 years ago we stopped bothering since it's a community property state and we don't intend to move away. We each have agent authorization on most of each other's accounts (just haven't bothered to set it up for a few of them yet).

But I'd agree with the folks who said "if it ain't broke don't fix it".
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Old 03-14-2014, 08:31 PM   #27
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Both joint and separate. Started that years ago to help keep up credit history for each spouse- back in the "old days" before modern credit scores.
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Old 03-14-2014, 08:41 PM   #28
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His and Hers IRAs. Main checking and savings are joint. She has a separate checking, which I am on also, that was established from money inherited from her parents. She has it ear marked to give to grand kids for college. When we were both working we had separate checking. She had the main check book, and I had a smaller one. It was not unusual for me to be deployed on a moments notice and this made it easier.
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Old 03-14-2014, 10:24 PM   #29
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IRA's have to be separate since they are INDIVIDUAL Retirement Accounts.
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Old 03-15-2014, 08:43 AM   #30
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Originally Posted by Chuckanut View Post
IRA's have to be separate since they are INDIVIDUAL Retirement Accounts.
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Old 03-15-2014, 09:09 AM   #31
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Originally Posted by Gazingus View Post
DW and I even share an email address....
We even share a bed.
Yes, I have achieved work / life balance.
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Old 03-15-2014, 01:15 PM   #32
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Have been wondering about all this for when we get married. Thinking of keeping our separate and adding a joint account at local CU, also combining insurance, and making each other heirs on everything.
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Old 03-15-2014, 05:34 PM   #33
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All of our assets are in our joint trust except our retirement accounts and we have each other as the beneficiary of those. However, we still have separate accounts.

We've only been married for a little over 3 years so we both came into the union with separate (but fairly equal) assets. We have a joint checking/savings/credit card for our monthly bills, travel, home and car repairs, etc., but still have our own money to spend as we'd like (within reason). For example, even though my name is on my DH's brokerage account, I know that that money is his. He used it to join a duck club and has also taken his son on hunting/fishing trips. I can use my money for girly things (spa trips with my sister) or charities I'm passionate about or anything else that strikes my fancy. This year we decided to put in new windows and French doors so we're both contributing to that. We know our limits so neither of us will be spending too much. We realize this money has to last a long time (hopefully). This works very well for us and if something happened to either one of us, the other would not have any problems with access to all the accounts. When we're both gone, the trust is divided between our 2 families.
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Old 03-15-2014, 05:39 PM   #34
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Originally Posted by Chuckanut View Post
IRA's have to be separate since they are INDIVIDUAL Retirement Accounts.
You can still do an agent authorization on an IRA. DW is fully authorized as an agent on my IRAs so she can do whatever she wants with the funds without my permission.
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Old 03-15-2014, 08:29 PM   #35
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We kept things separate until a few years ago. We had each established our financial lives before getting married just over a couple of decades ago, and it just seemed to work better -- I don't know how, though.

We are now combining as much as we can into joint accounts, but we are not jumping through hoops to do so. Obviously the retirement funds must remain separate.
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Old 03-17-2014, 08:13 AM   #36
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Texas is a community property state, so individual titling of accounts here has no legal meaning, including tax-deferred accounts. It's just a matter of how you want to manage personal finances with your spouse. We've always managed our accounts jointly. Its much simpler to track things and analyze spending trends. Neither of us has spending that the other doesn't know about, and all decisions regarding spending, saving, and investments are made jointly. This was true when we were working, and also now in retirement. Many years ago, we had a brief experiment with a separate checking account for DW. I transferred a pre-agreed, budgeted amount into her account each month for specific items she was responsible for (groceries, child care, clothes, etc). It was a complete disaster. After a year, we closed the account and went back to our normal process, which has served us quite well over 30+ years.
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Old 03-26-2014, 06:14 PM   #37
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Originally Posted by TimSF View Post
My DH and I did exactly what the OP is contemplating and it is working well. When we were both earning salaries it made sense to have separate bank accounts. Having a single checking account now from which we both pay expenses makes it easier to track how we are doing viz our budget.
This is what we do - living expenses are from joint account and use joint credit card (which is paid off every month)--all tax deferred accounts are in our own names, mix of after tax accounts are either single owner or joint

Beneficiaries on tax deferred accounts are spouse....
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Old 03-27-2014, 06:54 AM   #38
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Since I remarried in my 40s, DH and I both have separate and joint accounts. It works for the household budget since we share that, but it can be a bit difficult to track everything at tax time, since we have several banks and also each have separate investment firms. it took me a couple of years to figure out how to organize for tax time, but now I have a good system.

We have never really looked at each other's allocations since we have pretty different investing styles, which is against all investment advice that tells you to look at your overall allocations.

I am sure this sounds problematic to many who combine and share all their finances, but it works for us, and I am not interested in the stress of trying to change a process that works just for the sake of change--it certainly wouldn't be in the interest of simplification for us!!

So, I say, if it ain't broke, don't fix it!!! Why mess with a good thing?
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Old 03-27-2014, 07:17 AM   #39
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I am pretty sure it doesn't matter from a tax or Medicaid or legal standpoint what the account says. If the money was earned by either of you after you were married, it is jointly held. It doesn't matter what the little name on the account says.

So if he or she is investing in Candy Crush IPO and ends up making a million or losing it all, you participated in the gain or loss.
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Old 03-29-2014, 09:17 AM   #40
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DW and I have been married for 18 years and have never had any joint accounts. Our house is the only asset titled in both our names. We are both ER'd now and don't see reason to change. This has been a simple arrangement for us and has worked well.

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