The money pit....

[Zebson]

Just wanted to get some input on this sticky area. At what point in a relationship do you'all feel that the money and possesions each other have, should begin to be absorbed into the big money pit (ie; mutually considered each others). Or should it ever?

[Lori]

... in response to The money pit...., posted by Zebson on Mar 25, 2001

I truely believe once you say, "I Do" everything should be joined.
How can two become one when everything is separated?

[Frank S.]

... in response to The money pit...., posted by Zebson on Mar 25, 2001

Well now, there's a whirlpool with no bottom!

Is this a legal question or philosophical?  Are you married or just POSSLQs?  

I'm not a lawyer, but I've been thru 3 divorces, so I can give you some general guidelines:

If you're married, whatever you owned before the marriage generally remains yours.  However, after 10 years, the other party generally gets a share of your house and your retirement.  It works vice-versa, also.

My (current) wife and I maintain separate checking accounts for financial purposes, but we are each joint with the other, so if one of us drops dead, the other one can get the money out before they freeze the accounts.

Anything you buy during your marriage is considered joint property.  If you buy a car and pay all the payments and drive it everyday to work, and she does the same, both cars are joint with each other.  Or if there is just one car, it is jointly owned no matter who makes the payments.

Stocks, bonds, investments held before the marriage generally remain with the original owner, but after1 10 years there is some 'vesting' of the other party, usually part of the increase in value.

If you receive a large inheritance, Katie-Bar-the-Door!  Some states say that it belongs to whom it was willed.  Others say it is joint.

On the philosophical side, I would say that if you get married, you should be willing to share all your worldly good with your partner.  If not, why get married?  

Good luck.

[Zebson]

... in response to Your, Mine & Ours, posted by Frank S. on Mar 26, 2001

Frank...Thanks for the info. No I am not married yet. But my fiance and I have some areas that I want to get ironed out way ahead of time. And I like getting a preview of the e-ticket ride ahead via others experiences, perspectives and recommendations amidst pondering the value of my swiss annuities.

Zeb