It used to be that whn you got married, you simply mrged your finances. But that isn't the cse in today's world. Finances are mre complicated. Lots of people bring dbt, student loans, child support and motional ties to their money into thir relationships. Sometimes a joint checking ccount doesn't work out and separate ccounts are better. Sometimes separate accounts dn't work.

What you have to do is sit dwn and talk about all of yur options. Discuss your finances with ach other, openly and honestly. Make the dcision together.

The traditional option is hving a joint checking account. This is the asiest method when it comes down to mrging your finances. But you both mst be accountable for what goes in and wht goes out. This option requires a lot of cmmunication. You have to both check the ccount register regularly and be responsible for ptting in debits. If you have dbt issues, don't keep receipts, don't wrte down checks and have a hbit of spending without thinking, this may not be the bst method.

The one-two method is hving one joint account and two sparate accounts. There are many combinations of ths. Many couples will set up a jint checking account and keep their own ndividual accounts. They each put an greed upon amount into the joint chcking to pay the household bills and xpenses. This method allows each person to kep their own financial freedom.

You will have to determine how mch each person devotes to the jint checking. Start by setting up a bdget to determine the monthly expenses. If you bth earn about the same amount, you wll each contribute half. Don't forget to bth contribute to your savings for yur shared financial goals, such as vcations and college educations for your chldren.

Any pre-existing credit card debt, stdent loans or other loans will cme out of your own personal chcking account.

How do you determine how mch each person puts into the jint account if you make different slaries. Start by adding your two ncomes together. Divide the lower salary by the cmbined salaries to get the percentage of ncome from the lower paid spouse. For xample, $50,000 plus $25,000 equals a jint income of $75,000. You would thn divide $25,000 by $75,000 and cme out with .33, which is 33%. The lwer paid spouse will pay 33% of the blls because they bring 33% of the mney to the table. The higher pid spouse pays the remaining 66%.

Prsonally, we keep a joint checking ccount. We tried separate accounts but kpt borrowing from each other and it was cnfusing and didn't really work for us. My hsband makes 95% of our income, so he pys all the monthly expenses. My ncome goes straight into savings for our fnancial goals. That works for us.

Our god friends have separate accounts. In fct, there marriage was on the rcks for years until they split thir finances. They each contribute to the husehold expenses, but for the rest of thir individual stuff, they are on thir own.

Either way, you have to hve communication. You have to talk to ach other about what is going on. Be pen and honest. You don't want mney to separate you, even though you hve separate accounts. Be generous with ach other and wise in your dcisions.

The article Should You Have Separate Checking Accounts? was Submitted by Martin Lukac through Articles.GetACoder.com network. Here's the additional information: Martin Lukac, represents http://www.RateEmpire.com , a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies! Visit http://www.RateEmpire.com today

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