Quote:
Originally Posted by MelC
Hmm maybe I didnt make myself clear when I said "fair"..
I guess what I mean is, I want to make sure he is saving enough, I am saving everything I can.
We are recently engaged (within the last couple weeks) and I am trying to figure out all this money stuff before we get married so it isnt an issue later.
He is really open to anything and is somewhat confused just like me.
We looked into wiring money and him just taking over bills, but there are always fees. Itd just be easier if he could have an account here where he could wire money back and forth easily and free!
The reason I was talking about his bills and my bills are because I want it to be fair as possible, no one person taking on more than the other. Its hard when his pay is sporadic and I never know how much is coming. This is why I was asking advice on what percentages are good rules of thumb.
We did discuss him opening his own 401K (or equivalent for UK) and him transfering a certain amount from each check to it. He hasnt done this and references his flat in England as being his retirement fund (double in value in 5 years and only going up).
I wanted to clarify that he is not being sneaky or trying to keep his money for himself and mine for me.. I just cant figure this all out.
Some good advice given, thank you!
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Okay, read further into this thread.
Marriage is a teamwork.... there's always something you will be better at than he is and always something he will be better at than you are. Talking and compromising and coming to a decision jointly about the actions you both will take is the definition of teamwork and that's the reality of marriage. Marriages fail because of a lack of communication firstly; and sometimes that lack of communication is about money.
You shouldn't be alone when trying to figure it out. You're both "confused" and part of the problem (as I view this), is the separateness of the two countries and the two of you as far as the financial aspects.
How are you going to do Income Taxes? You separate and he separate? How is the house here done within marriage on tax forms if you're not filing jointly (after marriage)? You have an added confuson because of the legal implication involved with finances being income in two countries; and expenses that will mostly be here once the two of you are married.
I think you both need to talk with a financial advisor and I am unsure of whether or not they can help either. Tax planner maybe? Hopefully someone else can chip in here.... because I don't know enough to be able to recommend much else.