By Brandon Miller, CFP–
By her eighth marriage, Elizabeth Taylor was probably pretty accomplished at combining assets with a spouse. But most of us only get married once, maybe twice in our lives. So, figuring out how to handle money as a couple can be a little more challenging.
If you’re new to the plunge, here are some things to consider as your thinking transitions from “me” to “we.”
Community Property
California is a community property state, so if you’re getting married here, you should understand how that impacts you. The assets and debts you come into the marriage with are considered separate property. But most everything you acquire as a couple is community property, split 50/50 between you. (Third-party gifts or inheritances received during your marriage are yours alone … unless you mingle it with community property, such as in a joint bank account.)