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NW IL | Business account and personal account. Both names on both accounts.
My wife and I still have separate accounts, but names on both. The farm is a separate entity with it's own account. It's an LLC with my brothers and her name is technically not on it. She was from out of the area and had a bank account with great interest rates. Our bank statements are both "open" and we keep a joint family "budget." Her account pays most day to day expenses and my account is used for bigger things like insurance, taxes, mortgages, and larger repairs. It is kind of nice to have 2 accounts for budgeting those types of expenses.
Probably the biggest thing is to be transparent. Decide how much "play money" each person is allowed each month to use without question. Get on the same page about budgets for leisure things like vacations, online subscriptions, eating out, giving/charitable donations, and emergency savings.
Transparency, honesty, respect, and trust are the biggest factors in a good marriage.
Blessings on the new journey! | |
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Combining Finances
