Joint finances

Downhill

For the whole of our happy marriage we have had joint bank accounts. I have earnt a good deal more than my husband, and now have a reasonable pension and pay for three quarters of our expenses. No problems up to now. It is increasingly obvious that my husband is getting very forgetful .
In the worst case scenario, if he needed care would his finances be calculatedas alf the joint accounts, and obviously half the assets. The assets are not a problem, but I could not afford to live on half our joint assets. Is it better to have separate finances, and one joint account for expenses?

Pollycat

Regardless of who earned the money, if it is in joint accounts, half of it would be assessed as being his and half yours.

You say you couldn't afford to live on half - but surely that goes for your OH too, he wouldn't be able to live on half (or even on less if you had the majority of the money in your name) and it was you who needed to go into care.

Just because he's getting forgetful doesn't mean that he will need care in the future.

pollypenny

I was in the same situation, earning more than OH. However, the money we have is our money. I wouldn't dream of going through finances and saying this is my bit.

Doesn't sound too loving.