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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To have separate finances...

533 replies

Sophisticatedsarcasm · 23/02/2018 13:50

Basically me and my DP have been together 14 years and have 2 DC
Since my DS was born I asked my DP that we keep our finances separate as I like to be independent. We pay for our own stuff and anything regarding kids we go half and half, same if we share something. He tries to pay for more but I won’t let him. He works a lot so subsequently earns a huge bit more than me, as I only work 20/25 hours per week. It just means for my birthday and Christmas he spends like 3 times on me what I spend on him which makes me feel bad as I can’t afford as much.
One of the guys I work with who’s been with his DP for roughly same amount of time and also has 2 dc thinks this is strange. Him and his mrs share all thier money.
I can’t be the only one to do this right?

OP posts:
YoloSwaggins · 24/02/2018 12:08

Well IMO, the money always belongs to the person who earnt it and that's personally how I see it. I know some don't.

If my mum gives me £30 for my birthday, I still see it as "her" money I'm spending. Same with my dad who paid for me to go to uni - I saw it as living off his money. Now I earn, I live off my money. That's not going to change just because I have a partner. If I ever became a housewife i would mentally still see it as living off his money.

We're all different innit.

1ndig0 · 24/02/2018 12:16

But that's like saying he would be living off you because you are keeping his kids alive, day in day out.

YoloSwaggins · 24/02/2018 12:18

Yes I guess then technically you are doing "work" for him, so that makes sense.

1ndig0 · 24/02/2018 12:24

My DH has not had a "salary" since he left banking about 16 years ago. He is self- employed and these days, makes most of his money through various investments. So it's all quite visible to me as he works from home whenever he needs to. He has taken a lot of risks over the years with our finances which I do feel part of because if it had gone wrong it would have been all of us affected, obviously. We discuss his investments, non-exec roles and businesses on an ongoing basis. His job has never felt contained "somewhere else" to me. It characterises our family life and impacts us all. So yes, it feels like "our" money - my name is on a lot of it and so would be liable!

mydogisthebest · 24/02/2018 12:54

Splitting a restaurant bill 50/50 is easy although I don't see the point but splitting it depending on what you had to eat!

To be honest I find it enough of a faff when we go out with other couples or family splitting the bill. I certainly would not be doing every time me and DH go to the cinema, the theatre, the pub, restaurant, coffee shop etc.

Do those of you with separate accounts know what your OH earns? I only ask because I am amazed at how many people don't know what their OH earns, particularly women not knowing what their husband earns. I find that weird too.

We are totally honest and open about money, always have been. We have each always known exactly what the other earns and there is no lying or pretence about how much we have spent. I don't get the pretending that a haircut or a new dress cost less than it really did

KatharinaRosalie · 24/02/2018 13:01

Joint accounts, not joint accounts - doesn't really matter, it can be equal or not, independent or not either way.

But if one partner is without income or scaled back considerably to take care of home and children, and the other partner still sees all the money as his/her own, then this situation certainly does not sound too fair to me.

Motoko · 24/02/2018 13:05

I think a lot of people, in their hurry to say that it's "normal" to have separate finances, are either missing, or ignoring, the fact that OP has taken a hit to her wages and pension, in order to raise their joint children, and the fact that her partner is NOT happy with the current set up.
HE wants it to be more equitable. HE wants them to be able to do things as a family that they currently can't because OP can't afford it. And he's not happy that OP won't allow him to pay more.

Having joint finances doesn't mean that you can't also have your own bank accounts, and some financial independence, but if you live with someone and have children, you're a unit, and should both have equal money available after the bills have been paid. If that means that one person puts less towards the bills because they earn less, then that's what should happen, because your worth in the relationship shouldn't be based on how much money you earn.

LoveInTokyo · 24/02/2018 13:11

I’ve now RTFT.

Some observations:

Obviously some couples share everything and some prefer to have some financial independence from each other and that is fine. I think both ways can work just fine in principle as long as the couple are both happy with the mechanics of how it works and there isn’t a huge imbalance of financial security and spending power between the couple.

To the OP:

Some of the things you’ve said about your setup do give me cause for concern.

You say that you live with your partner and children and siblings in a house which belongs to your mother. For me there are a few issues with that. Say you all carry on living in the house until your mother dies and then you and your siblings inherit it. You’ll each get a third of a house, at best. If you and your partner don’t own a property of your own, you haven’t got any equity. All you have is a potential inheritance, which is never guaranteed. Secondly, if your partner who greatly out earns you is living (for free?) in your mother’s house and you are doing the lion’s share of the childcare AND paying 50% of everything, he must be sitting on a hell of a lot of cash. Do you even know how much money he has? Do you know whether he has investments or pensions? What is he doing with all this money?

It’s all well and good him saying he wants to pay for more stuff, but the way I see it, if you are doing the bulk of the childcare for his children (AND your mother appears to be subsidising the housing costs he would otherwise have to pay) a chunk of his income should really be yours by rights.

If you were married then it wouldn’t matter so much because you would have a legal entitlement to his money and property in the event of a death or relationship breakdown.

But right now, if he doesn’t have a will with you named as the main beneficiary, you would get nothing if he died tomorrow. Your kids might get it all, but you might not be able to access it. And even if he does name you as the main beneficiary, you might be liable to pay inheritance tax which you would otherwise be exempt from.

If the relationship breaks down, you will be entitled to nothing.

I don’t want to be a harbinger or doom and gloom, but - totally irrespective of whether you have a joint bank account or not - your current set up leaves you extremely vulnerable.

However strong your relationship is, you don’t know what life might throw at you, and if I were you I would take steps now to put yourself in a more financially equal position to your partner, to ensure you are entitled to an appropriate share of his money and assets if he dies or you split up, and to make sure you have a roof over your head and some form of income when you reach retirement age.

Beetlejizz · 24/02/2018 13:14

I think a lot of people, in their hurry to say that it's "normal" to have separate finances, are either missing, or ignoring, the fact that OP has taken a hit to her wages and pension, in order to raise their joint children, and the fact that her partner is NOT happy with the current set up.

Yes, exactly.

I may be wrong, but I don't think any of the people saying how normal and legitimate it is are unmarried, part time NMW workers who are earning nine or ten grand a year.

Nicknacky · 24/02/2018 13:19

beetle you are possibly right in that thinking. I earn a decent amount and it would probably be different if I was a SAHM.

mydog I don't know exactly what my H earns, I know roughly. And I don't think he knows exactly what I earn either (my wage can vary slightly depending on overtime). I just have never particularly needed to ask him the exact figure apart from when we went for mortgages but that was years ago. Not for any suspicious reason, we are lucky enough to earn enough that we don't need to worry about money.

LipstickHandbagCoffee · 24/02/2018 13:26

Yes,We each know what the other earns
Of course I’ll split restaurant bill on what I eat.at yo sushi I’m all green plates
Why would I go halves on alcohol and food I don’t consume?

toomuchlikehardwork · 24/02/2018 13:38

We keep separate current accounts but have both separate and joint savings. We've always done this and it work very well for us. We both had large amounts in savings when we came into the relationship and have always kept that separate but they are around the same amount.

We split the bills evenly but DH buys food shopping as he earns more. We keep things separate because he has a very expensive hobby (golf) and I like shopping.

1ndig0 · 24/02/2018 14:12

"Why would I go halves on alcohol and food I don't consume?

Lipstick - are you actually on a wind up here? This is your family, you know.

To use your YoSushi example...What do you do when you're with the kids then? Do you work out what they have eaten too and then split that? Then split the bill and the car parking? The mind boggles.

If you're out for dinner with say, four other couples, do you actually pay separately to your DH when the bill comes? It must be a minefield Confused

Bluelady · 24/02/2018 14:26

OK. I'm married. I've always worked in well paid jobs. My husband has always been a high earner too, very high during the time we refer to as the "pop star years". Our finances are and always have been separate. I came into an inheritance some time ago and we agreed it's my money to do with what I wish.

We're not flat mates, we are committed to each other, we do love one another. We don't split bills - we each pay for specific outgoings, we take it in turns to pay for stuff or whoever wants an item most pays for it or we treat each other.

I totally resent the implication that we're not a team because there's no "family money". This modus operandi has worked for us for 20 years. Personally I don't give a stuff whether a load of random women think it's normal. It suits us and that's all that matters.

LipstickHandbagCoffee · 24/02/2018 14:38

Mn bingo
flatmates
commited to each other

Indigo,The mind is not boggling you’re simply being obtuseyou know I’m referring to dp and I in restaurant
With the kids present we go halves on their meal and then pay for what we individually ate or drank

1ndig0 · 24/02/2018 14:45

I apologise, he's your DP. It's the same thing though surely, if he's the kids dad? Have you ever had any comments from waiting staff?

Nicknacky · 24/02/2018 14:49

It's not the waiting staff's place to comment on how customers pay. I don't do it lipsticks way but it works for her and her family so that's the right way for them to do it.

Bluelady · 24/02/2018 14:49

What business is it of the waiting staff? Or anyone else for that matter?

LipstickHandbagCoffee · 24/02/2018 14:53

1ndig0 your responses to me are a bit comedic. I post. You make an aghast comment,
it's ridiculous
Minefield
Mind boggles
total nightmare
and you then ask me to elaborate on a convoluted scenario that you devise

1ndig0 · 24/02/2018 14:54

If you went over to what is to all intents and purposes a family with their bill, you wouldn't really expect two payments ir for them to be divvying it up. I waitressed for years to get through uni back in the day and it was only with groups of friends or several groups of couples where you get this kind of thing - "did you include the tip?" "No you had two coffees," etc.

Bluelady · 24/02/2018 14:56

Who cares what they expect? Except you, who seems to be obsessed with it.

Nicknacky · 24/02/2018 14:57

And as a waitress would to have ever passed comment on how a customer paid?

LipstickHandbagCoffee · 24/02/2018 15:00

Indigo You acknowledged I’m unmarried and said he's your DP. It's the same thing though surely, if he's the kids dad

Indigo,Are you actually now asking me if my dp is our children father?
From the payment of a restaurant bill you conclude I’ve been knocked up by someone else

How thoroughly obnoxious.

1ndig0 · 24/02/2018 15:02

No you said I was being obtuse because he was your DP, not DH. I don't think it makes any difference because he is their dad, but then I didn't want to presume that in case I'd missed something.

LipstickHandbagCoffee · 24/02/2018 15:05

No.obtuse referred to you calling it all mind boggling and you then invented scenario for me to respond to
In a restaurant I’ll pay my share either card or cash and dp will pay his, no staff have commented. Why would they?