Do you and your SO/DH/BF keep separate finances?

**FrugalMomof3** · 10-06-2006, 09:39 AM

What i mean is do you keep your bills separate except for rent/mortgage/utilities, etc... Mostly CC bills?

Right now I owe $0 on MY CC (I have many but only keep 1 in my wallet for emergencies/what-nots) but my DH owes almost $1500 in CC bills.

I PREFER to keep mine separate from his for the simple fact that I am responsible for my CC's and my credit rating and he is responsible for his, so if in any case something happens I know I made sure my credit is good.

NOW dont get me wrong, I am not saying I dont pay his bills for his CC because I do always more than the min., which this month was only $15 and I paid $100 but I cannot control his credit I can just make sure I pay his bill for him.

So I guess my question is when it comes to CC's do you and your SO keep things separate? I ask because I dont want to seem like "it's all about me!" but it is ME who I am protecting and I have always had TERRIBLE credit up until approx. 4 years ago when I started to repay, fix my credit report, contact creditors to make things right, etc... it took me a long hard 4 years to get where I am today with an excellent credit rating of over 750.

Let me add that my DH credit rating is the SAME or a little less than mine because I helped him get there, if it were up to him he wouldnt care is what I am trying to point out.

Thanks in advance!

**celina** · 10-06-2006, 10:00 AM

me and dh, EVERYTHING IS JOINT.....just the way it is for us and cannot imagine it any other way...

plus i was under the impression you are still responsible as his spouse for half the debt he incures...i might be WAY wrong on that...

**FrugalMomof3** · 10-06-2006, 10:02 AM

Well as for CC's if I am not a joint card holder than I am not responsible for any charges he makes on them and vise versa.

I am not saying we dont do things JOINT but if you knew our entire situation (which would take a whole day to explain) then you would understand why I asked this question.

**Buckeye5** · 10-06-2006, 10:06 AM

Celina, you are right. It doesn't make a difference about credit if you are married. If you are married, and one or the other has bad credit, then guess what, you both are affected. If the one with bad credit dies, the spouse is responsbile for the other debts, no matter who's name it is in. When you are married, you both (together) are responsbile for debt and credit scores.

**Sari** · 10-06-2006, 10:06 AM

Everything is joint.

**Leigh** · 10-06-2006, 10:08 AM

I've always kept my finances seperate.

When I was married, I had a joint account. Eeeesshhh... that didn't work out at all. Now I think I'm more cautious about mixing money.

I was engaged for 5 years about 2 years ago... ex fiancee and I would take care of our own personal expenses with our own money (vehicles, c.c.'s, clothes, etc.). House-hold bills were split in half (utilities, mortgage, cable, phone).... I would add up at the end of the month how much everything was and he would write me a check for half.

All food, cleaning supplies (Tide, shampoo, soap) was bought by both... never any issues there... if we needed something, one of us would stop off and get it.

It worked out really well.

Now current B/F and I have only known one another for 1 1/2 years. There are no finance mixing going on there at all... we live in seperate houses... so really no need.

Overall, I'd say the set-up I had with ex-fiancee worked out really well for me.

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**Amanda W** · 10-06-2006, 10:14 AM

All of our finances are combined and have been since we started living together. I can't imagine it any other way.

**Buckeye5** · 10-06-2006, 10:16 AM

Tracy, I have heard this question asked on the Dave Ramsey show, and he will tell you that whether or not your name is on the DH's account for cc's or not, you would be responsbile if you are married. Email Dave Ramsey with your question.

**FrugalMomof3** · 10-06-2006, 10:22 AM

What is Dave Ramsey's email and I will do that, I read an article on BankRate's website that said something to the effect of it you or your spouse separate if you DID NOT have a joint CC account together than no one's credit is effected, I am only speaking of CC's not mortgage, utilities, car, etc...

DH and I used to have a joint account with 1 CC, I took my name off and it no longer shows on my credit report so I cannot imagine a CC with his SS# showing on my credit report, it's impossible UNLESS I was an authorized user or vise versa.

Thanks!

**Buckeye5** · 10-06-2006, 10:27 AM

go to www.daveramsey.com, sounds like you are thinking of separating from your DH. Dave will be able to give you all of the answers you need. Do you listen to his show? It is awesome, when you go to his site, there is a place to email him with questions. Good Luck.

**FrugalMomof3** · 10-06-2006, 10:29 AM

Well I am "thinking" but want to cover my butt first KWIM? I mean, if he has a Capital One card in his name with me as NO affiliation and he misses a payment, it shows on his credit report not mine and same goes for me.

I just want to make sure that if HE misses a payment I am not liable, this is for CC's only. As for our mortgage I am not on the loan documents but on the deed for the house. Utilities are all in my name (which I would change).

**kabin63** · 10-06-2006, 10:37 AM

We have joint everything, but I take care of all the finances.

**FrugalMomof3** · 10-06-2006, 10:55 AM

We really dont have anything "joint" so to speak, I have my CC in my name only and he has his in his name only. The mortgage is in his name and it doesnt show on my credit report either. I have that monitoring service with Equifax (got it free for a full year) and I check it every month.

I know the mortgage that if we split and I move out, if later on he decides to sell the house I am entitled to half since we bought the house as a married couple, I have no questions about that it's the CC's that I am questioning really, since we DO NOT have on either of our CC's each other as an authorized user then neither of us is responsible for what the other charges, bill payments, etc...

I control and pay ALL the bills, not a question there just the Q? with the CC's.

**northernmom2boys** · 10-06-2006, 11:55 AM

I found this on a website

How Does Being Married Affect Your Credit Report?
If you are married, you are responsible for your own debts and any debts that you incur jointly with your spouse, or with anyone else. You are not responsible for your spouseâs individual debt. If you and your husband have a credit card in both names, you are jointly responsible for the bills if you both signed the application.

**FrugalMomof3** · 10-06-2006, 12:14 PM

Thank you, that's what I wanted to hear, we DO NOT have a joint credit card NONE!

Can you post the link to the website for me pretty please? Oh and I contacted Dave Ramsey with this question as well, cross your fingers I get a response, but THANKS!

Debts incurred jointly include mortgage, car and even credit cards but JOINT we dont have any of those, we refinanced this year in April (using his credit report and income ONLY) and the mortgage note is in HIS NAME only but again I am on the deed, which means he CANNOT sell this home and keep all the money, I am entitled to half BUT if he defaults and doesn't pay the mortgage that only shows on his credit report not mine since I am not liable (according to the mortgage company as I asked them this question).

THANKS SO MUCH!