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Old 11-19-2020, 11:39 AM   #41
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Originally Posted by MichaelB View Post
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.
Everything exactly that Michael said, ms gamboolgal and I was poor starting out and it is just us.

We realize and respect that there is no right and wrong for couples. And alot of times it makes sense to have separate accounts.

I have noticed the last couple of years that ms gamboolgal has been watching lots of them documentaries on Wives Killing there husbands for the Insurance monies.........hmmmm
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Old 11-19-2020, 11:45 AM   #42
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Originally Posted by Sunset View Post
O

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.
Covered as part of my document that I regularly update that outlines where and what assets we own and any other pertinent financial information, including latest Form 8606 regarding IRA basis.
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Old 11-19-2020, 11:53 AM   #43
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When we married, we were young and broke. Everything we've done since then, we've done as a team. The qualified retirement accounts are of course, owned separately, as required by law, but we are each other's sole beneficiary. Oddly enough, the total value of all our separate tIRA, Roth, 401k, 403b, 457 accounts is just about equal The rest of our assets are and have always been owned jointly. We have arranged the income streams so that it will be the same for the survivor as it is for the two of us now (i.e. - 100% survivor provision on the pensions; insurance for my social security amount). For us, I don't see any point in tracking income, assets or portfolio performance on anything but a joint basis.
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Old 11-19-2020, 11:55 AM   #44
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Everything of ours is joint except for my IRAs (Trad, Roth, Inherited) and DH is the beneficiary on those.

It doesn't matter that it's all joint accounts. DH has not looked at any bank account or anything financial in probably 10 years and that's only because I made him look at it all when he retired. He just has no interest. I could have a gambling addiction and be maxing out the credit cards and he'd never know. It's infuriating!

We built this together and he just prefers to be oblivious. It's nice that he just trusts me, but come on, be an ADULT about these things!
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Old 11-19-2020, 12:39 PM   #45
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Married 38 years ago in our late 20s with $0 NW... I had $10k of retirement savings and DW had $10k of school loans.

Most everything is joint other than accounts that have to be separate by law like IRAs, HSAs, etc.

One recent exception... we do have separate CDs with Navy Federal because they were running a special 17-month 2.25% with a $70k limit per account so by having separate accounts we could grab more of that 2.25% special.
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Old 11-19-2020, 12:53 PM   #46
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Everything is combined/co-owned.

Lots of threads on bogleheads for those looking for further discussion.
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Old 11-19-2020, 01:07 PM   #47
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Originally Posted by MrsHaloFIRE View Post
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.

This made me laugh out loud!
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Old 11-19-2020, 01:20 PM   #48
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Originally Posted by gamboolman View Post

I have noticed the last couple of years that ms gamboolgal has been watching lots of them documentaries on Wives Killing there husbands for the Insurance monies.........hmmmm
I’ve always made sure to be worth more alive than dead, and also to make sure the Mrs and our children were well aware of that fact.
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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.
When wDW and I married she said to me in Spanish “Lo que es tuyo es mío, y lo que es mío también es mío”. It took me a few years to learn Spanish well enough to understand that. “ What is yours is mine, and what is mine is also mine”.
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Old 11-19-2020, 01:50 PM   #49
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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.
Our story as well. We were net debtors (wife's school loans) when we married in 1970. Since then, everything other than IRA's is held jointly. And we are the beneficiaries of each other's IRA's.

It took us a bit to become comfortable with DS and DIL holding significant assets independently, but came to understand that's the "modern way."
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Old 11-19-2020, 01:59 PM   #50
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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.
Ditto. I manage both halves of the portfolio as one. Second marriage for both. Keeping separate what we brought in. DW is fiercely independent.
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Old 11-19-2020, 02:03 PM   #51
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Originally Posted by MrsHaloFIRE View Post
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.
Lol!! I like that and I think most are in that same category.
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Old 11-19-2020, 02:07 PM   #52
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Everything fully joint except 401k/IRA and oddly enough even those are really close in value. I manage all investments and budgeting. She does all the spending
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Old 11-19-2020, 02:13 PM   #53
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So, my question is when you calculate your portfolio do you include your spouses numbers also, or do you just use your numbers and percentages when you are discussing topic here? Some have answered that question some have not.
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Old 11-19-2020, 02:16 PM   #54
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For the purposes of "do I have enough" the question is "do we have enough" therefore I use our numbers in terms of NW and firecalc and the like.
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Old 11-19-2020, 02:21 PM   #55
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Originally Posted by MichaelB View Post
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.

Same here, except at this point our joint accounts are perhaps 2-3% of the total assets. Even the I bonds held at TreasuryDirect are in our individual names.

I have power of attorney over my wife's accounts, because she is not interested in the investment process. I just tell her what the Quicken bottom number is at the end of the day for all of our investable accounts, and that's all she cares to know. My wife however takes care of paying all our bills.

We do have a couple of individual credit cards, but use them seldom. And my wife takes care of paying them off at the end of the month too.
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Old 11-19-2020, 02:24 PM   #56
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So, my question is when you calculate your portfolio do you include your spouses numbers also, or do you just use your numbers and percentages when you are discussing topic here? Some have answered that question some have not.
When I quite numbers here it is all of our money together
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Old 11-19-2020, 02:27 PM   #57
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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.
Remind me never to flip a coin with you... it'll be heads you win, tails I lose.
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Old 11-19-2020, 02:29 PM   #58
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So, my question is when you calculate your portfolio do you include your spouses numbers also, or do you just use your numbers and percentages when you are discussing topic here? Some have answered that question some have not.
Always joint, since I intend to outlive her and I am her sole beneficiary.
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Old 11-19-2020, 03:07 PM   #59
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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.
Not if either person had premarital assets or receives an inheritance, if they are not comingled during the marriage they will be considered seperate assets. This is especially relevant for marriages later in life.
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Old 11-19-2020, 03:10 PM   #60
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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.
I know you will probably say you were joking, but it's this kind of attitude that scares guys away from marriage.
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