Marital Finance Idea

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Marital Finance Idea

Post by Rob » Tue Sep 16, 2008 9:05 pm

I have been thinking of a way for two people who plan on sharing their life to manage their financial situation. I have it pretty well worked out in my head and would like some feedback on the idea, or perhaps someone else could share what works between them and their significant other. Maybe i can make some small changes or realize there is a much better system i could use.

It breaks down into two essential ideas.

One is that half of all income is grouped together, greater percentage if needed. Paychecks, gifts, small job payments and a $1,000,000 lottery ticket would all be taken in half with half allotted to a joint set of finances. Between the two there would be three sets of money. One belonging to each individual and the third being the property of the couple.

The second essential idea is that the shared amount would be what is used to pay for all common things. Household supplies, pets, children, joint vehicles and vacations would all fall under this category, whereas some new cleats or one of the couple going out with friends would be paid for by the individual sources of money.


-School expenses would be split in half, with half being a personal expense and half being a joint expense. This is because while both benefit from one member's schooling, the one taking classes would benefit more so.

-There are two exceptions to splitting income. One is the interest earned off of personal accounts simply because of the extra complication. The second is any income received from gambling with personal funds. These would remain the sole property of the individual, with the exception of winning at least $5,000 within a couple days. Half of any amount equal to or over that would be shared.

Also i have been thinking of a different system where all money is given to the joint account, with the same two exceptions listed above. Money would then go to personal accounts once a set amount, such as $6000, is reached in the joint account in a ratio equal to one person's income vs. the other.

What do you guys think?

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stupid happy
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Post by stupid happy » Thu Sep 18, 2008 12:37 pm

one thing you might want to check out is whether or not your state offers a 5-29 plan...essentially, that's like a 401K that employers offer, only the 5-29's are offered by the state, and are somewhat of a savings account for your future children's college funds. you'd have to check out all the options that NY offers, but that is, i believe, a tax-free/deductible thing that you might benefit from down the road, just like a 401K would for your investment/retirement purposes.
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