How To Manage Money As A Couple
Is any couple really prepared for marriage? Marriage comes with a lot of responsibility. One of those responsibilities is paying bills, and that can be hard to do if there isn’t enough money. Many couples argue over money and it’s actually one of the most common reasons cited for divorce.
Dealing with money matters can be challenging because everyone has different thoughts on money. Some prefer to save, while others spend every dime. Plus, everyone has their own financial background. Some have student loans, auto loans, medical bills, credit card debt, and other liabilities. Others have no debt at all.
So how do you approach money management as a couple? Should you pool your money or keep it separate? Here are some ways to go about it.
Have a Joint Account
This is the most common way to manage money as a married couple. You put everything in a joint bank account and use it to pay bills. This means you need to have a budget and you both need to have similar spending habits. Otherwise, one spouse may be spending more than the other, and that can lead to resentment.
Have a Joint and Separate Account
An alternative is to have both. Use a joint account to pay bills, but also keep a separate account for “fun money.” You and your spouse can decide on how much fun money you should have every month to spend as you like. You will also need to determine what is considered a fun money expense. For example, what if you two do something together?
Split Bills 50/50
In this method, you and your spouse split every bill 50/50. The mortgage is $1500? You each pay $750. This can make things easier in some ways, but it can be unfair if one person is making a lot more money than the other.
Split Bills by Income
If you’re making just 10% of the income, should you have to pay 50% of the bills? No, that’s why you may want to consider splitting bills by income percentage. This makes it so the person who earns the most spends the most on bills. It’s only fair.
Keep Everything Separate
If you and your spouse are on different pages financially, then having separate accounts may make sense. This can make things easier, since you don’t have to worry about your spouse spending all the money you earned. However, when it comes to bills, you’ll need to discuss who pays what.
Seek Legal Help
Financial issues are some of the biggest reasons for divorce. If you and your spouse are constantly fighting over money, a divorce could be in your future.
If you and your spouse are not compatible when it comes to money, seek legal help from Fort Lauderdale divorce attorney Edward J. Jennings, P.A. We can help you understand if divorce is the best option. Schedule a consultation by calling 954-764-4330 or filling out the online form.