I was flipping through one of those money books for women yesterday, and there was a chapter on keeping assets that are yours only. It reminded me of a chat I'd had with a friend before I got married.
My friend's MIL said to her son (my friend's DH) 'Your money is her money. And her money is her money.' I found it amusing at the time but it's making me wonder if I should keep some things in my name. I know some women are adamant about having money in their name only.
I have some assets that were mine before I met DH. I was going to put his name on the account. We may have to dip into that money at some point. I feel secure in my relationship with him but I still wonder if I should hold onto something in just my name.
Thoughts? What have you decided? (If you're comfortable sharing)
AJsMommy122
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Re: Are you keeping any assets in your name only?
I wish I had that problem to ponder.. I didnt have any assets before DH.
But if I did I would probably keep *some* in just my name. I also think of it this way... how would I feel if he had some assets he kept in only his name. It would make me go
But I do think it is a good idea for you to have a little nest egg all to yourself.
suven
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.
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RedHead
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Re: Are you keeping any assets in your name only?
With the exception of my car...that is the only thing i really have that is in my name anyway...
What assets are people keeping in their name only???
suven
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Posted by RedHead
What assets are people keeping in their name only???
MONEY
RedHead
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Re: Are you keeping any assets in your name only?
Posted by suven
Posted by RedHead
What assets are people keeping in their name only???
MONEY
oh well i have an account in my name only???
didn't see that as an asset ?
VickiC
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Re: Are you keeping any assets in your name only?
No, I don't have anything in my name only. He is beneficiary to everything I have with my siblings as secondary. Even my investment accounts and IRA that I had before we got married I have changed so that his name is on the accounts.
The money we have, we have made together.
edited for spelling
Jan05Bride
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Re: Are you keeping any assets in your name only?
Just our cars are in our own name, everything else is shared 100%
SeptWed
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Re: Are you keeping any assets in your name only?
All of our assets are joint assets and i even have gotten rid of my savings account and put all my earnings into our joint.
Our house and cars are in both of our names and all investments (except stocks he has) I have been added on.
In the end, once your married (barring any pre-nup) all assets owned by one or the other become joint assets. If you get a divorce it would be divided taking in the full amount of all assets.
Unless of couse you set up an off shore account in the Caymans and wire money there without your DH's knowledge....
nov04LIbride
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Re: Are you keeping any assets in your name only?
Posted by suven But, I'm in a little bit of a different situation. DH has big debts- school loans, car payment, etc. Anyway, I am debt free- with a Master's degree and decent car. So, I was saving money before we got together. I still save money now. But, that account is in my name.
Same here--DH has school loans, car loans, etc., whereas I have a master's and am debt-free (and we used my savings as downpayment for our condo). He knows how much I have, but I am keeping my account to pay for my doctorate and maybe a new car. If we made it joint, he would probably pay his debts off with it, and I would go into debt for school and a new car.
tourist
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Re: Are you keeping any assets in your name only?
We are each keeping a credit card in our own name as the primary account holder & getting a 2nd card for the other. This is because (I was told) that it is only reflected on your credit report if you are the primary account holder.
Our checking & savings are joint. DH's has some investments that ar ein his name only, just because they have aways been that way.
eogara
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Re: Are you keeping any assets in your name only?
Posted by Jan05Bride
Just our cars are in our own name, everything else is shared 100%
Same here
TracyInQueens
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Re: Are you keeping any assets in your name only?
Posted by RedHead
With the exception of my car...that is the only thing i really have that is in my name anyway...
What assets are people keeping in their name only???
I have some mutual funds and some other money, from before I met DH. We have a joint checking account and that's where all the wedding $$ went.
LIJuneBride
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Re: Are you keeping any assets in your name only?
Our cars are in our own names. The house is still in my name only for various reasons and DH has no problem with this. We also did the same with credit cards (got secondary cards for each other and stayed primary on our own accounts), and we have both joint and individual bank accounts.
stacy&joe
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Re: Are you keeping any assets in your name only?
I am a matrimonial attorney - so maybe I can help. This, of course, does not constitute legal advice so if you have questions, see an attorney.
To keep it simple, everything you own prior to the date of your marriage is separate property. Once you marry, if you keep it separate, meaning you don't add marital monies (i.e., income, wedding gifts, etc.) to the account, it remains separate property, and yours alone, even after the marriage. (This can get complicated if you either (a) mix the separate property with marital money, or (b) actively work to increase the value of the asset during the marriage (like a business) and your spouse supports you, because then the asset can be a mix of marital and separate property, and you have to figure that out.) Anything you earn during the marriage is marital property. Title and names on the account do not really matter - it is more about when the asset was acquired and how it was maintained. I hope that helps!
Oh, and, the marital residence is a little different, because of the way title is held to real property. If you have questions about how title is held to the property, I would also see an attorney. Having your name on the deed is the best way to protect yourself, especially if your spouse owned the house prior to the marriage, and then you moved in after you were married.
CaCRmr
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Re: Are you keeping any assets in your name only?
I have a credit card with just my name on it. That's the only thing. Once we were married the first thing we did was go to the bank and change everything over to our joint accounts. I like that everything is joined, no confusion
DrmnBlnd
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Re: Are you keeping any assets in your name only?
The car I had before I met DH is still in my name only, and his car before me is still in his name.
JimmysBride
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Re: Are you keeping any assets in your name only?
Now that I'm reading this it seems that DH and I have many so-called 'assets' that are not joint. We each have our own credit cards and don't have any joint cards -- I definitely don't see the need for that. Our cars are in our own names. The house is in his name only.... I have some issues with that one especially since now I live there and pay toward the mortgage just like he does but there are reasons why things are the way they are. Also I have at least 2 bank accounts in my name only and so does he. Except for the house, I don't see a problem with it.
Blu-ize
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Re: Are you keeping any assets in your name only?
Posted by VickiC
No, I don't have anything in my name only. He is beneficiary to everything I have with my siblings as secondary. Even my investment accounts and IRA that I had before we got married I have changed so that his name is on the accounts.
The money we have, we have made together.
edited for spelling
IRAs can only be individual. If you liquidate it, and put it in a brokerage account you can have his name on it. You may be thinking of him as the beneficary of the account. That's not ownership.
dpli
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Re: Are you keeping any assets in your name only?
Posted by Blu-ize
Posted by VickiC
No, I don't have anything in my name only. He is beneficiary to everything I have with my siblings as secondary. Even my investment accounts and IRA that I had before we got married I have changed so that his name is on the accounts.
The money we have, we have made together.
edited for spelling
IRAs can only be individual. If you liquidate it, and put it in a brokerage account you can have his name on it. You may be thinking of him as the beneficary of the account. That's not ownership.
Right, this is why my IRA is still in my name with him as beneficiary. We still have our cars in each of our names, but both were paid off before the wedding. We each have a small checking account of our own, mostly for convenience and we got too lazy to add the names to those accounts. We each still have our own credit card accounts. However, we both know about all of each other's accounts.
