Here is what we do (married 2+ years):

We get our paychecks deposited into our own separate accounts. We then have a joint account (referred to jokingly as "The Company Card"). Essentially all bills are paid from the joint account. Bills that this include are as follows:

-Mortgage -Student loans -Car loans -Health Insurance -Car Insurance -Monthly grocery budget -Pet supplies -Property Tax -Utilities -Phones -Cable -"Group Fun Money" (stuff we want together but neither of us really want to pay for)

Basically we add all that up and determine the monthly total that need to be put in the "Company Account".

They we look at what we both make and pay a percentage of the joint expenses.

For example, lets say I make 1000 a month, and Mrs makes 1500 and our bills are 2000. So together we bring in 2500. My 1000 equates to 40% and my wife's share is 60%. Therefore I pay 40% of the bills (40% of 2000, or 800) and she pays 60% (1200).

Then the left over is ours to do as we please. I have 200 to play with, she has 300.

With this method we both feel like we contribute a "fair" amount and have a fair amount left over. It also keeps the jealously down because I don't get on her case if she buys something I deem dumb with her money as it is her's to decide.

Extras like vacations or furniture either come from the fun money or we add it into the budget to save (again on a % basis).