There’s a current rumor on social media that rap mogul T.I. once said that his wife, Tina, a successful entertainer in her own right, is not allowed to pay any bills no matter how much money she makes. Author and political analyst Dr. Boyce Watkins even devoted a segment of his YouTube channel on the topic. While there may be no verification that T.I. actually said this, it does bring up the question of financial division in marriage.
How Married Celebs Handle Money
Other celebrities and influencers have given their opinion about it.
Actress Gabrielle Union has spoken publicly about the 50-50 financial arrangement she has with her husband, ex-NBA star Dwyane Wade. In a 2023 interview on the “Black Millionaires” podcast, Union explained that both she and Wade contribute equally to their household expenses. She mentioned that despite their wealth, she feels a sense of responsibility to work and earn her share, stemming from her upbringing and past experiences. Union stressed that their 50-50 approach works for their relationship, allowing both partners to feel like they are contributing equally.
Wade discussed the 50-50 financial arrangement with his wife, Gabrielle Union, during an episode of the podcast “Club Shay Shay” with Shannon Sharpe. He admitted that the decision stemmed from a comment he made about “his house” in Miami, after which Union asserted they should share responsibilities equally.
Tabitha Brown has shared that she and her husband, Chance Brown, manage their finances with a “100-100” approach rather than a 50-50 split. This means they consider all their resources as shared, with both contributing fully to their financial pool.
In an episode of “Club Shay Shay,” Tabitha explained that from the beginning of their relationship, they had one bank account and shared everything equally, even maintaining a joint ledger for their expenses. This system has continued even as their financial situation has improved, ensuring complete transparency and unity in their financial dealings, she said.
A 2023 survey by the Thriving Center of Psychology found that 65 percent of unmarried millennial couples live together, with 61 percent citing financial reasons for cohabitation. However, over half (52 percent) do not share costs equally, and more than one-third feel financially unequal in their relationships.
Joint or Separate Accounts in Marriage?
In dual-income couples, the suggested financial setup includes both joint and separate accounts. Having a joint account for shared expenses and separate accounts for personal expenses is the simplest arrangement. This method ensures both partners contribute to day-to-day costs while preserving their financial independence, according to HerMoney.
A 2023 study from the Indiana University Kelley School of Business found that married couples who manage finances together through joint bank accounts have better relationships, fight less over money, and feel more unified in handling household finances. Researchers followed 230 engaged or newly married couples over two years, discovering that those with joint accounts reported higher relationship quality and a sense of communal living compared to those with separate accounts.
“Some of the most happily married couples I’ve seen are ones that kept their money separate for their entire marriage,” says Emily Sanders, managing director of United Capital Financial Advisers, told HerMoney. “It takes away some of the power and control issues that tend to be associated with how we use our money.”
A joint account requires transparency and mutual trust. Sanders also advises adding both names to the apartment lease or house deed, fostering equity in the relationship and avoiding terms like “his house” or “her apartment.” This approach emphasizes joint ownership, embracing both the pleasures and responsibilities together.
When One Partner Earns More Money
It’s likely that you and your partner will have different incomes, making a 50/50 split on the mortgage potentially unfair. “Fair doesn’t necessarily mean equal,” Kelley Long, a member of the National CPA Financial Literacy Commission, told HerMoney. Instead, consider splitting expenses proportionally to your incomes to ensure both partners contribute fairly without straining their finances.
Long recommends a proportional approach to splitting expenses rather than a 50/50 split. First, list all combined expenses, such as housing, taxes, insurance, and utilities. Then, discuss your salaries. If you earn $70,000 and your partner earns $30,000, you should cover 70 percent of the total expenses, while your partner pays 30 percent. For example, if your rent is $1,500, you would contribute $1,050, and your partner would pay $450. This method ensures both partners contribute fairly based on their income levels.
Long recommends regular money meetings. These can be weekly, monthly, or quarterly. The person managing the accounts shouldn’t be the only one aware of the family’s financial situation.
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