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
Spending and saving patterns
Valuable property owned
Debt and repayment plan
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.
IMPORTANT: This message contains confidential information intended for a specific individual and purpose and is protected by law. Any review, use, distribution, disclosure, alteration, copying, transmittal or re-transmittal by persons who are not intended recipients of this email may be a violation of law and is strictly prohibited. The information expressed herein may be changed at any time without notice or obligation to update. If you are not the intended recipient, please permanently delete all copies of this e-mail and any attachments from your computer system, destroy any hard copies, and contact the sender or Tamalpais Asset Management, LLC at (415) 722-2188. This message and any attachments are for information purposes only and should not be construed as a sufficient basis on which to make an investment decision and should not be regarded as an offer to sell or a solicitation of an offer to buy any financial product. Any information regarding trading performance must be considered in conjunction with the appropriate disclosure documents. Tamalpais Asset Management, LLC reserves the right to monitor all e-mail communications through its networks. Past performance is not necessarily indicative of future results. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses.