““Most people get married today quite a bit later than when they used to with each of them having established their financial lives,” Clark says. “They tend to have different attitudes about money. Co-mingling all of their funds, particularly early in the marriage, can lead to a lot of stress and tension.””
I TOTALLY disagree with have a his and her account! WE ahve been married 43 years and have always put our earnings in one account.
People like us who married really young (we’re married 40 years) generally have an easier time of blending finances. But for people marrying later, or second (or third, fourth, gulp) marriages, I definitely think Clark has a valid point.
ESPECIALLY if you have kids (heirs) from a prior marriage, you really need to firewall assets and inheritances off properly, so an inheritance meant for your kids don’t go to the surviving spouse and their kids.
Clark has talked about 3 accounts in a relationship. His, hers and joint. You each have to come to an agreement about how much each of you contribute to the joint.
Tekwrite, you are of the earlier generation when things were done that way. It works for you. Great!
For a first marriage it makes since to blend everything together, except for inheritance money. You are building a life together and accumulating assets. Now, for a second marriage and beyond, I would keep separate accounts in most cases.