Do you and your OH keep money/assets separate?

[jdsenterprises74]

I was taken aback when my workmate told me that she and her OH keep separate accounts/assets, and what they have brought themselves is their own. So all the major things (she has a unit, he has a house, cars) are not jointly owned/paid for. Its not like its a new relationship they have been together for eight years and have a child together.

Is this a relatively common thing for couples these days to do? Is it all to do with trust (or lack thereof?)

Couldnt imagine doing that with my OH, it would seem weird, IMO.

[kengillard]

What's his is mine, and what's mine me own.....

[i-once-was-bump]

My mother is well into her 80s now and my father passed away over 6 years ago but when my father first took ill my mother was advised to put a bit of money into an account in her name and some money into an account in my father's name, and just keep using the joint account as usual for everything.

I honestly don't know the reasoning behind this but they did as suggested by the accountant fixing up everything. They were both in their 50s at the time.

[kezzi-bear]

Hubby and I have been together 24 years, married for 14 of them, have 3 children together and have always had separate bank accounts. When bills come in I pay some, he pays some. Basically what ever is needed at any time is paid for by whoever is out and about. We don't discuss or ask permission to buy things we want - we just earn it, use it or save it depending on the week.

We don't really ever discuss money ... although we have separate accounts, we spend as we need or want to and we have never had one single argument over money in all our years together.

[beanishells]

We have everything joint...but when I started with ebay he said he didnt want me using OUR bank account so I opened one just for that.

Crystal has a point.Sadly,  I have seen a lot of young people split up within a year or two. The one that had nothing, ended up with half of the partners former money and belongings... doesnt seem quite right to me.

Also I have seen where the responsible one has had to pay the irresponsible one's debt too. It works both ways.

[sammee4211]

My mother advised me to always keep a separate bank account as you never know what can happen in the future (she was divorced and received nothing).

So! OH and I have been married for 47 years. We have a joint account, a business account in both names plus I have an account in my name, Also, we were advised it's sensible to keep a personal account in case of death. Put simply, all joint accounts are frozen on demise of one of the holders. Creates a lot of problems when the other partner is trying to access funds for funeral arrangements. My OH also has money in his name. We have never argued over money ever. We maintain that it's all OUR money. We tell each other what we buy and we know where all monies go. Works for us! 🙂

[beanishells]

no matter WHERE your money goes or is, the fact is, that honesty about the money and communication is going to help you keep the peace

[toon_town_nutter]

I honestly don't know the reasoning behind this but they did as suggested by the accountant fixing up everything. They were both in their 50s at the time.

Accounts used to be frozen until probate if a partner died. Although I know my inlaws accounts wouldn't get frozen at current time but I'm not sure what FIL put in place. 

His pay goes into his account. My pay goes into my bank. We have a joint savings account. I have a credit card he pays for. He pays all the bills.