September 25, 2006 4:03 PM Subscribe
Me and mine are moving in together. How do 2 single wage earners merge their $$ incomes and outflows in a way that keeps it simple for bookkeeping and tax returns? [More]
posted by Fupped Duck to Work & Money (21 answers total) 3 users marked this as a favorite
So my partner and I are going to move in together. I earn more, 3/5 of our combined salaries.
Is it feasible to use one checking account and one savings account, from which all bill will be paid so that whats left over at nthe end of the month can go into savings, which if we should ever split up can be divided by 3/5(mine) and 2/5(my partner's)? Is this equitable? Is it practical in terms of capital gains taxes etc? We won't be owning a home for the time being. I have alot saved up especially compared to my partner, who has a small financial cushion but not much else in the way of accumulated wealth. I have no kids, but they have 2 full growns (potential probate issues?).
Is there a more practical, equitable scheme for two income streams living under one roof, other than seperate finances or marriage?