Money is a very important issue that needs to be discussed when you’re getting married.  Based on studies, money is one of the leading causes of divorce.  John and I talked about how to handle our finances way before we even moved in together.  We made sure we were on the same boat.  We also made sure that all our debts are paid for before we got engaged.

There are three ways to handle your finances as a couple: joint, separate, and mixed (joint & separate).  TheNest.com has an article that outlines the pros and cons of each method.  John and I decided that the mixed method is the best one for us.

Click image to enlarge

Whoah, our chart looks like a man (robot rather) with two heads!  Anyway…

We have 7 accounts total:

• My existing checking account
  - where my income is directly deposited
• My existing savings account
  - where my extra money goes, leaving at least $200 in my checking account after all necessary expenses and contributions are made
• John’s existing checking account
  - where his income is directly deposited
• John’s existing savings account
  - where his extra money goes (I don’t know how he determines how much goes to this account)
• Joint checking account
  - our contribution is based on ratio of each individual’s income to total combined income, then matched to total joint expenses and contributions (formula in chart)
• Joint savings
  - part of our contributions that is spent on yearly expenses including vacations
• Joint long-term savings
  - part of our contributions that is set aside for emergencies and future large purchases
  - contribution to the joint long-term savings is based on the remaining income of the individual earning less after individual necessary expenses, joint expenses, contributions (joint savings), and $500 are deducted.  The contribution of the individual earning more will be calculated based on the ratios of the incomes.

How do you handle your finances as a couple?  Does your chart look like a man with two heads as well? 

Engaged volunteers needed!

Cristina Reitz-Krueger, a researcher in the University of Virginia Department of Psychology is conducting a web-based study of engaged couples. The study has been approved by the University of Virginia Institutional Review Board, which ensures ethical research conduct.

Please read info about the survey below:

I am looking for volunteers for a study of attitudes towards marriage and parenthood among engaged couples.  The study consists of a 25-30 minute online survey. To qualify for the study, you must be 20-35 years old, live in the U.S., and plan to marry or have a commitment ceremony within the next 365 days. You and your romantic partner must not have children, and this must be the first marriage for both of you.

You can:

-Help a doctoral candidate;
-Increase the pool of scientific knowledge;
-Support research on marriage and families; and
-Spend some time thinking about your relationship!

I am working with Dr. Charlotte J. Patterson, a Professor of Psychology at the University of Virginia.  This study has been approved by the University of Virginia Institutional Review Board #2009025800.

If you and/or your romantic partner are interested in participating or want further information, please email me at survey.couples@gmail.com.  I will send you a link that you can use to access the study.

Thanks!

Cristina Reitz-Krueger
Doctoral Student
University of Virginia

I’m going the traditional route. I plan to take my fiance’s last name after we get married, even though it’s harder to spell than my maiden name. While it is what I want to do, I’m not looking forward to it at all. Looking at all the things that one needs to do to change his/her last name looks like a mission in and of itself.

I did ask John if he is willing to change his last name to mine. Since his parents are divorced and he doesn’t like his father, he is willing to do it. But he is not that organized and I’m a bit old-fashioned, so we decided I’m changing mine.

Below are tips and a checklist for changing your last name:

Read on…