The last thing you need to do is micromanage each other's expenses, a sure road to disaster. But keeping each other informed of major expenditures easily eliminates costly problems like bounced checks or over-the-limit credit card fees.
It's up to you do define major—it largely depends on how much disposable income you have—but many couples use $100, $300 or $500 as the threshold. In other words, if you want to buy a coffee, go ahead. If you want to buy a new television, it's probably a good idea to give your spouse a call first.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.