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  • Mike Bristow

MARRIAGE & MONEY PLANNING YOUR NEW FINANCIAL LIFE TOGETHER


No matter where you fall on the financial spectrum, money can be a catalyst for conflict in a marriage. One way to avoid money related friction in your relationship is to spend some time planning your financial life together. Start by sharing your views on the following topics.

YOUR FINANCIAL PROFILE

  • Income

  • Spending and saving patterns

  • Valuable property owned

  • Debt and repayment plan

  • Credit score

YOUR RELATIONSHIP WITH MONEY

  • Values and beliefs with wealth

  • How were you raised to value money and how has that shaped your current spending, saving and investment patterns?

  • What does living comfortably mean to you?

  • Do you have differing attitudes towards investment risk and how will you reconcile those differences?

WHERE YOU WANT TO GO

  • Goals for the future, both individual and as a couple

  • Starting a family, providing care and support for relatives, and charitable giving inclinations

  • The retirement planning you have already done and how you will consolidate. Be sure to consider non-financial aspects of retirement, such as lifestyle and locations.

  • Establishing health care powers of attorney for each other, living wills, becoming an organ donor, etc.

  • Updating the beneficiary designation for all types of assets

EXPECTATIONS FOR THE RELATIONSHIP

  • Will you keep your finances separate or combined?

  • Who should manage the household budget, pay the bills, prepare the taxes, and make minor spending decisions?

  • Do you have a framework for spending patterns or credit card usage?

  • How will your investment portfolios be combined?

  • Do you have the right insurance in place to provide the desired level of protection?

  • Will you establish a prenuptial agreement?

  • Consider guardians and fiduciaries for children

  • If there was a prior marriage, make sure everything is coordinated with the divorce decree(s)

  • If there are children from prior marriages, who and how will support be provided?

  • If the marriage is non-traditional, make sure you know whether or not the marriage is recognized by the state where you and your partner reside

You don’t have to know all of the answers to these questions; you just have to know where to turn for help. Tandem Asset Management has the background, experience and extensive network to guide you and your family past potential pitfalls while identifying unique opportunities. No matter what strategies or financial instruments we recommend, they will be part of a larger financial plan — one that you lead, based on your goals and your situation.

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