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Marriage and Money

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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 with sharing your thoughts 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 respect to money.
  • How were you raised to value money, and how has it shaped your current spending, savings, and investment patterns?
  • What does living comfortably mean to you?
  • Do you have differing attitudes toward investment risk, and how will you reconcile those differences?

Where You Want to Go

  • Goals for the future, both individually 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 location.
  • Establishing health care powers of attorney for each other, living wills, becoming organ donors, 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 taxes, and make minor spending decisions?
  • Do you have a framework for spending patterns or credit card usage?
  • Should you each retain your own professional advisors or consolidate to one?
  • How will your investment portfolios be combined?
  • Do you have the right insurance in place to provide the desired level of protection? Keep in mind that art and collectibles may require specific insurance coverage above and beyond typical property and casualty insurance. 
  • 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 law where you and your partner reside.

While these are conversations that a couple should have together, Lenox Advisors can help. We have the background, experience, and extensive 
network to guide you and your loved ones past potential pitfalls while identifying unique opportunities. No matter what strategies we recommend, 
they will be part of a larger financial plan — one that you lead based on your goals and your situation.

 

FP179  CRN202605-4472990

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