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Old 11-19-2020, 09:30 AM   #21
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No joint accounts except the mortgage. We've just fallen into habits on who pays what bills. Account balances and investment asset allocation is coordinated across all accounts.
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Old 11-19-2020, 09:37 AM   #22
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As mentioned, retirement accounts are in individual names, but we consider everything to be ours. I’m a bit amused when I hear people talk about his and her money. With the exception of those with a formal agreement, it’s like they don’t realize they’re married and that the judge will consider almost everything marital assets.

Along with owning everything jointly, we discuss all significant purchases. I could go out and buy a car for me to drive any day and DW would never flinch. However, I would never do that without having a conversation with her about it.

Given that we got married young and this is our only marriage, it makes this a lot easier. When we got married, DW made more money than me. After college that changed, but neither of us every gave that difference any thought. I don’t live in nirvana, but joint ownership in the marriage has never been an issue. We say we each own 100% of everything. Slightly different than 50/50.
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Old 11-19-2020, 09:43 AM   #23
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Along with owning everything jointly, we discuss all significant purchases. I could go out and buy a car for me to drive any day and DW would never flinch. However, I would never do that without having a conversation with her about it.
I agree! DH and I always used to laugh at commercials around this time of year in which one spouse surprises the other with a big, shiny, expensive new car with a giant Christmas bow on it. No way either of us would have committed that much in assets (or future payments) without consulting the other.
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Old 11-19-2020, 09:46 AM   #24
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We have separate retirement accounts, checking accounts, and CCs, but share one joint checking account for household bills that can't be paid electronically, such as property tax. For other expenses, we use CCs to get cash back. I track all expenses on a spreadsheet and we take turns paying to keep things even within a couple hundred dollars. DH will get a pension, and we haven't decided about the survivorship payments yet.

We were together for 21 years before getting married. Early on, we stayed just shacked up to make sure my assets were protected from his ex during the child support years. After that, we felt no urgent need for marriage, since we weren't going to have kids together and we had our wills in order. Plus our taxes were lower staying single. We got hitched just before DH retired so I could put him on my health insurance at work. That gave us another nice tax boost with him not working.
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Old 11-19-2020, 09:54 AM   #25
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Everything joint here except for IRA, ROTH, & SEP accounts, but we treat them as joint.
same here
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Old 11-19-2020, 09:58 AM   #26
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Same here.

Us too!
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Old 11-19-2020, 10:05 AM   #27
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All joint except the IRA/401k/TSP which have to be individual, but all money in those are treated as joint assets for budget and planning purposes.
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Old 11-19-2020, 10:10 AM   #28
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All joint except the retirement accounts required to be for individuals. We are fortunate in that we are mostly on the same page when it comes to finances. We often sit and discuss our vision, wants & hopes for our finacial future which keeps up aligned with each other as well as accountable. And since we do talk about things often it's easy to tweak things if there is a short term goal one of us would like to go for. Both of us show a fair amount deference and over our 30+ years of married life we've found that when each of us is willing to move in the direction of the other it's a win-win.
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Old 11-19-2020, 10:28 AM   #29
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As mentioned, retirement accounts are in individual names, but we consider everything to be ours. Iím a bit amused when I hear people talk about his and her money. With the exception of those with a formal agreement, itís like they donít realize theyíre married and that the judge will consider almost everything marital assets.
I can see that for people that have been married for a long time. In our case, I had already retired and was collecting my pension for 2 years before I met my GF. It's 100% mine and no judge would consider any of it hers.

I have my pension and a small amount of investments. She has her investments. Both are separate. We live together and both contribute to a shared account.
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Old 11-19-2020, 10:32 AM   #30
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hmmm... Ours is slightly different.
We have everything joint except for a small discretionary account for each other.
A small amount gets auto deposited into each account on a monthly basis. This is ours to do with however we want. I spend it on my hobbies etc. As she does with hers.
I would find it very odd to take money out of our dual account to buy her a gift. How is that a gift when it is our money? By having a little bit of spending cash, it feels more personal and also keeps me from overspending on my hobbies :-)
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Old 11-19-2020, 10:45 AM   #31
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When we married we had no assets, only each other. Since then everything has been and continues to be jointly held.

We have IRA and HSA accounts that are individual, by requirement but not choice. In total they account for <3% of our total financial assets. In my mind they also are joint assets.
+1 us as well

All of these choices are intensely personal, of course, but in our case one of the reasons why we have been married so long, with similar goals and the like, is because our financial life is expressed in terms like "joint," "ours," etc. We don't always agree, and frequently don't. But everything is "ours."

We also have what I could call an implicit transparency rule. We ended up with separate credit cards for historic reasons, but each of us can see the other's account. No undisclosed or off-the-books spending.

We also maintain a consolidated list of all accounts, with passwords. So when one of us kicks the bucket, the other has seamless access. A relative also has those details in case we both pass together due to some unforeseen event.

We've also had estate planning document since way back when we started to have kids.
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Old 11-19-2020, 10:46 AM   #32
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He has his, I have mine, and we don't have "ours". We are not married, and I live next door to him. Our money and finances are totally separate. This is our third decade together and this arrangement seems to work for us.
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Old 11-19-2020, 10:50 AM   #33
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Everything joint, except for Def comp retirement accounts.
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Old 11-19-2020, 10:56 AM   #34
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She has hers and allows me to live here if I behave.
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Old 11-19-2020, 11:03 AM   #35
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Its all ours, except the joint things are mine, the things in my name are mine, and the things in his name are mine. I find it very equitable.
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Old 11-19-2020, 11:07 AM   #36
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We started with 0+0 and from that moment on always had only joint. Obviously we have separate tax-advantaged retirement accounts but we treat them as joint when we do the books.
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Old 11-19-2020, 11:10 AM   #37
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We married after losing our spouses, and it made sense to keep everything separate.
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Old 11-19-2020, 11:14 AM   #38
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Our bank accounts have always been joint.

Investments/equities are different. Some in my name, more in my spouses name. For tax reasons only.
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Old 11-19-2020, 11:23 AM   #39
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Everything joint here except for IRA, ROTH, & SEP accounts, but we treat them as joint.
Same here except for inheritances. My wife has a brokerage account that contains the funds she inherited from her parents along with profits from a home based business she had over 10 years ago. My name is not involved, our two sons are listed as beneficiaries. Part of my inheritance was in the form of US Savings Bonds that my parents put my name and SSN on about 30 years ago and I have not changed the registration of these paper Savings Bond. The last ones mature in 2023 and I may cash them in sooner just to make things simpler should I pass away before then. Big hit on the tax return reporting 30 years of interest. These inheritances account for less than 10% of our net worth.
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Old 11-19-2020, 11:37 AM   #40
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Ours are separate, for legal reasons, and it works just fine as we think of each contributing to the joint needs.
It is a little freeing, as while we discuss big ticket items, in the end I buy the auto I want for me using my money and don't need agreement. DW does the same. I don't have to compromise at all, nor does she.

I'm no expert, so feel free to fix:
I think some folks may not realize they will miss getting the step up in basis on taxable assets when their spouse dies, because they are jointly holding the asset. This is dependent upon the state.
While there is a 1/2 step up for joint accounts, it's not as obvious, and may not reflect actual contributions.
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