The sexual revolution, greater opportunities, and the “me generation” made some not want to share their finances with anyone.
For example, my cousin married the grandson of a famous comedian, and he took separate finances to the extreme. While her husband drove a new Mercedes, she frequently broke down, with their kids, in an old clunker with no air conditioning. At lunch at their house, I noticed post-it notes labeling ownership of the food in their refrigerator. They lived more like roommates than a married couple and eventually divorced.
If you share a checking account and financial chores with your spouse, you know that disagreements about how to spend your hard-earned money can be intense. Fights about who did what can also result when tasks like renewing auto registrations or paying the gardener are duplicated or forgotten. Too much of your focus and conversations can be about money, especially if funds are tight or if you are trying to keep up the same standard of living as your neighbors or friends.
While you are at it, a good idea is to segregate some of the other financial chores, such as who pays the bills, updates the insurance policies or manages the rentals, based on your interests and strengths. One spouse might be diligent about paying bills and likes to balance the checkbook. My husband is much better at saving, so he puts aside part of our income and manages our investments. You get the idea.
Sometimes, filing separately can keep you in a lower tax bracket if you and your spouse earn close to the same amount. Also, in some cases, you can maximize itemized deductions, including medical expenses, by filing separately.
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