I'm wanting advice from married people who have been in these situations, and your opinion on what we should do.
Originally my fiance and I decided that we were going to join money this way: Set up two joint accounts with both of our names on each of them and giving each of us access to them. One account would "mine" and one would be "his." We would divide bills in a manner according to our income, and each be responsible to pay our bills. If we couldn't, of course, we could ask for help. This leaves left over money for discretionary spending for both of us... but with a rule that no purchases over $75 or so be made without discussing it together. This way all money is yours, mine, and ours.
I just informed my mom that we wanted to do this, and she began to cry. She says that no marriage counselor would EVER recommend that, and no financial counselor does either. She says we need ONE account and need to just get over the hassle of worrying about what he spent and she spent and who spends whose money.
Is it okay to have two joint accounts and have money like in the first scenario, or is it really a "huge mistake" like my (divorced) mom claims.
Just to keep anyone from going in the wrong direction... money was in NO WAY a factor in my mom's divorce, as she was a stay at home mom who had no income. My father had an affair, which lead my mom to leave him.
Originally my fiance and I decided that we were going to join money this way: Set up two joint accounts with both of our names on each of them and giving each of us access to them. One account would "mine" and one would be "his." We would divide bills in a manner according to our income, and each be responsible to pay our bills. If we couldn't, of course, we could ask for help. This leaves left over money for discretionary spending for both of us... but with a rule that no purchases over $75 or so be made without discussing it together. This way all money is yours, mine, and ours.
I just informed my mom that we wanted to do this, and she began to cry. She says that no marriage counselor would EVER recommend that, and no financial counselor does either. She says we need ONE account and need to just get over the hassle of worrying about what he spent and she spent and who spends whose money.
Is it okay to have two joint accounts and have money like in the first scenario, or is it really a "huge mistake" like my (divorced) mom claims.
Just to keep anyone from going in the wrong direction... money was in NO WAY a factor in my mom's divorce, as she was a stay at home mom who had no income. My father had an affair, which lead my mom to leave him.