Thursday, February 3, 2011

One flesh, one bank account

Slate is doing a series on how couples manage their finances: separate, together, or a combination. ...

[In] general, I think that the benefits of splitting off money are greatly overstated, while the drawbacks are real. ...

[S]eparate accounts [don't] mean that you won't fight about money. Instead, they mean you'll fight about what is a "joint" expense, and what is the responsibility of individuals. ...

The way I see it, there are no individual expenses; that ended when 130 of our nearest and dearest watched us swear to love, honor and cherish. If Peter had no income at all, he would still need clothes, haircuts, and the occasional night out with friends; likewise with me. That's one of the things we both signed on to provide the other person. So who cares whose income it comes out of?
--Megan McArdle, Atlantic Monthly, on the illusory benefits of separate spousal accounts

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