08-19-2011, 02:23 PM
Join Date: Apr 2011
| | Re: Whose money is it?
Originally Posted by NotaGoodSlave
Nothing you "own" is just owned by you...............you are a married man. Your wife has a claim on EVERYTHING - not just a few extra bucks you make on the side.
Read and understand a Contract of Marriage before you sign it, which if you ever did would ironically make it likely you would never sign it in the first place...........
Even more important are the divorce laws. Not that you are getting divorced, but if you're interested in the legal aspects of it that's the place to look. In Texas, which is a community property state, it goes like this: any gift or inheritance or money/property brought into the marriage is separate property. Anything earned in the marriage is community property. So that's the law, at least here.
Of course from a practical point of view, I'd say that hobby money is strictly the earner's, up until it affects the primary income source in some way (have to cut back real work hours to do the "hobby" etc.) This might cut both ways, of course.
FWIW, in my marriage I handle the finances, they are entirely joint, there is no extra source of income, but we are both on the same page as far as frugality and the importance of being debt-free.