Joint Credit Tips: While it may be OK to split responsibility for managing credit, such as one spouse making sure the mortgage is paid while the other keeps credit card payments up to date, both spouses should make financial decisions together, particulary in regards to obtaining new joint credit. There should not be any 'secrets' or open lines of credit obtained without the other spouse's knowledge and approval.

When financial matters are split, such as having separate personal checking accounts instead of one joint account, can make it difficult for one spouse to know the financial responsibility of the other. Also, it could lead to problems associated with 'his money' or 'her money', and who should pay what debts. And if decisions are not made together, it could make one spouse feel controlled by the other.

Financial histories of spouses can be as different as fingerprints. One spouse may be more frugal than the other, while the other spouse is highly concerned about credit report history.

Here are suggestions for spouses to consider:

Consider all your debts and income as joint, and be forthcoming. Work together to resolve any financial problems and preventing them from recurring instead of pointing blame.

Both of you agree to keep records of all expenses, but not as a tool for pointing debt blame. Instead, use it to track spending and calmly discuss why one of you may feel the other is spending wastefully.

Create a household budget. If you both work, agree to sharing the expenses.  If one spouse makes 30% more than the other, maybe have that spouse responsible for a larger portion of expenses.

If you have a lot of bills, split them up and assign responsibility for paying them on time.

Use a joint account to pay household expenses, as well as for investments.

If you and your spouse cannot agree on financial priorities or investments, agree upon a third party financial planner.

Reveal any and all debts you have individually accumulated, including any from a previous marriage, and/or debt payments ordered by a divorce decree.

Set a limit on disposable income (how much each spouse can spend on luxuries).  For expenditures exceeding the disposable income, get your spouse's approval first.

Agree on beneficiary designations. This can be particularly sensitive if one spouse has children from a previous marriage.

Review your joint finances every month, discuss any problems and come to a joint decision.

Learn more about a joint credit card, joint mortgage and a joint auto loan.