Household or individual NW?

[Koolau]

Statistically speaking, someday it will all be hers, but for now, it's household. Lots of advantages to that - especially tax wise. Two can't live as cheaply as one, but almost. YMMV

 

[Sunset]

....

Even if divorced, I think we would both be there for each other emotionally and financially as so long as we have kids, we are family.

It's really rare, but I suppose it could happen, but not to anyone I know, or heard of..... but I think I read it's like that for some super famous actor.

 

[DrRoy]

Household

 

[sengsational]

For those that are married, splitting net worth in two makes no sense because the divorce lawyers have yet to be selected

 

[Sunset]

For those that are married, splitting net worth in two makes no sense because the divorce lawyers have yet to be selected

It can be approximated by he get 1/3 and she gets 2/3 + the house

 

[Toocold]

I vote household. If not, I guess it would be divided by 2 for DW, or 4 including DD and DS... unless we count the DD2 (dog). And what if my mother wants to move in?

 

[Dash man]

We do household net worth. No chance of us breaking up at this point. I include real estate since it can be sold if needed. NW is used for estate tax planning too, making us realize we need to give more away to the kids if the estate tax reverts back to previous rates.

 

[pj.mask]

Sunset, if you look at most divorces it is caused by immeasurable strain - finances, infidelity, etc. things that cause a permanent rift and hurt feelings.

No doubt hurt feelings are involved in the ending of any relationship, even mutually. And part of that is why I consider finances individually - we don’t know what the future will hold.

I do know that although my parents in-law are not friends (divorces) they still help each other out (within reason) and My spouse and I both agree with that philosophy.

On the plus side, engineers are usually terrible with feelings so default more to logic.

 

[SpinDoctorTX]

We use household NW. Almost all expenses/ $ are blended, Savings/ ckng all in both names along with main CCs. Our paid for house deed is in both names, cars- who cares (indiv names on 13+ yo vehicles both in great condition). I snatched my pension from retired job & converted into a 100% joint annuity (100% to both), and for my IRA, it remains in my name but DH gets it all if I go first. We have a "gentle/woman's agreement for new will from the one who lives the longest (split evenly betw. families).

We have friends who manage their finances separately, which just seems like too much work to us. DH handles the bills & I manage the investments. So much of both are automated, that there is very little need to do much on either side.

 

[jazz4cash]

I guess it would be household, but I am not sure of the value even calculating NW. So I've never done it.

+1. I answered other.

 

[teetee]

One interesting tidbit about net worth between individual and household is that in the old times the household networth pretty much is determined by individual income (one income family). Nowadays many households have double income which create a larger difference between household networth and individual networth in general. I am single and always wonder what my net worth vs age rank would actually be every time I check on websites like DQYDJ.

 

[jollystomper]

We use household. We took our "for better or worse, for richer or poorer" marriage vows seriously.

At times DW has felt bad looking at it as "ours", as I have been the major financial earner and decision maker. I have pointed out to her that she created and supported an environment that allowed me to achieve those financial earnings and make wise financial decisions, so our NW attainment is just as much hers as mine.

 

[Out-to-Lunch]

We have a "gentle/woman's agreement for new will from the one who lives the longest (split evenly betw. families).

A bit off-topic, but why not just have that in your current wills? DW and I both have wills that leave 100% to spouse, and, if spouse predeceases me, 50% to family A, and 50% to family B.

Then we have "gentle/woman's agreements" NOT to have a new will for the one who lives the longest.