Beginning stage of marriage, mortgage incoming, joint bank accounts!
My husband and I have been married for two years now. We started living together in 2024 in my parents' basements. Soon I will be taking over the title from my dad so it will be my mom and myself on the title. My dad is retired and they said that we can only have two people under the title so my husband will not be for now. My mom will be retiring in three years, so that's when my husband will take over her position. Now, my husband and I are looking to make a joint account (I know, its taken this long) but we want to know what everyone else is doing so we can make our best decision.
What we want to do is my husband and I to have a joint a account, my parents have their account and then a third account will be created for the mortgage/house payments where we will etransfer the amount due every month. My parents want us to have a safety net amount in there, enough for at least 3 months. We got all our debts consolidated on the mortgage, so now we dont have other debts to worry about (this may or may not be a good idea).
What are you guys doing in terms of finance in marriage? What are the best options from your experience?
TL;DR Taking over a mortgage, how should we set up our bank accounts separately from my parents?