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What is the best way to blend incomes and living expenses in a second marriage without hurting one another?
Each has separate financial accounts from day 1 of marriage.
One party has everything major in their name- ie. house, utilities,etc. the other does not.
Each party pays their own bills they make. ie credit cards, medical insurance, car insurance, etc..
Each party has a child each to finish supporting (college-age and high school)
Living expenses incurred to pay – house payment, all utilities, car payments, taxes, home insurance, home repairs, home appliance replacements, groceries, etc…. -
So, Who should pay – Split 50/50 or delegate which is to pay which ?
Thanks for the input!
Best thing to do is to figure out how to combine the bills where each shares equal amounts monthly to pay. Therefore, no one person is accountable for all.
Having everything split in half and separate accounts will most likely lead you to no where in the long run.
You need to have only joint household budget and bank account – where each person contribute into your joint goals. But still have separate accounts for personal expenses.
There is a good article in Money magazine a couple of month ago regarding this topic, http://money.cnn.com/2008/06/02/pf/spouse_money.moneymag/index.htm Hope it is helpful to you.
Best wishes.
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