BUILDING HEALTHY FAMILY FINANCES: Important Things Both Partners Should Know<\/p>\n\n\n\n
In the early stages of a relationship, there\u2019s so much to learn about a new partner. What are their dreams and ambitions? What\u2019s their favorite food? Favorite movie? Do they like the beach or the country? Are they a dog person or a cat person? Or none of the above? Before you know it, time passes, you have fallen in love and are ready to take your commitment to each other to the next level. But have you discussed money?<\/p>\n\n\n\n
No two couples are exactly alike. Some couples may envision a future that includes raising a family, purchasing a house, sending their kids to college, and retiring after a long career. Others may not want to raise a family and would prefer to devote their time and energy to challenging work schedules or plan for an early retirement followed by exotic travel adventures. Whatever a couple\u2019s ideal future may look like, money will play a part, and clear communication about finances will be key in helping those dreams become a reality. <\/p>\n\n\n\n
In the beginning of a relationship, it\u2019s understandable that each individual may choose to retain their privacy about financial matters. However, before you and your partner start combining your financial lives, whether you are discussing leasing an apartment together, buying a house or getting married, it\u2019s time to have an open dialogue about money.<\/p>\n\n\n\n
Some couples go as far as creating a written contract before they are married, outlining the assets and liabilities of each party, discussing how finances will be handled during the marriage and how assets are to be split in the event of a divorce. These agreements are prenuptial agreements, or a prenup. While not every couple needs a prenup before marriage, the financial conversations you have are vitally important. No one wants to think about divorce when you are planning to join your lives together, but studies show that money is the second leading cause of divorce, behind infidelity. And unfortunately, too many couples don\u2019t have these money conversations.<\/p>\n\n\n\n
When you\u2019ve chosen to blend your life together with a partner, it can be an exciting time of planning for a big future. By taking the time to build a strong financial foundation, you can create a realistic path for achieving your dreams. If you\u2019d like to know more about how a financial advisor can help, please contact us. <\/a><\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" BUILDING HEALTHY FAMILY FINANCES: Important Things Both Partners Should Know This is our first article in a 5-part series on Building Healthy Family Finances. In the early stages of a relationship, there\u2019s so much to learn about a new partner. What are their dreams and ambitions? What\u2019s their favorite food? Favorite movie? Do they like […]<\/p>\n","protected":false},"author":3,"featured_media":5287,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"\n BUILDING HEALTHY FAMILY FINANCES: Important Things Both Partners Should Know<\/p>\n\n\n\n In the early stages of a relationship, there\u2019s so much to learn about a new partner.\u00a0 What are their dreams and ambitions?\u00a0 What\u2019s their favorite food?\u00a0 Favorite movie?\u00a0 Do they like the beach or the country?\u00a0 Are they a dog person or a cat person?\u00a0 Or none of the above?\u00a0 Before you know it, time passes, you have fallen in love and are ready to take your commitment to each other to the next level.\u00a0 But have you discussed money?<\/p>\n\n\n\n No two couples are exactly alike.\u00a0 Some couples may envision a future that includes raising a family, purchasing a house, sending their kids to college, and retiring after a long career.\u00a0 Others may not want to raise a family and would prefer to devote their time and energy to challenging work schedules or plan for an early retirement followed by exotic travel adventures. Whatever a couple\u2019s ideal future may look like, money will play a part, and clear communication about finances will be key in helping those dreams become a reality.\u00a0<\/p>\n\n\n\n In the beginning of a relationship, it\u2019s understandable that each individual may choose to retain their privacy about financial matters.\u00a0 However, before you and your partner start combining your financial lives, whether you are discussing leasing an apartment together, buying a house or getting married, it\u2019s time to have an open dialogue about money.<\/p>\n\n\n\n Some couples go as far as creating a written contract before they are married, outlining the assets and liabilities of each party, discussing how finances will be handled during the marriage and how assets are to be split in the event of a divorce.\u00a0 These agreements are prenuptial agreements, or a prenup.\u00a0 While not every couple needs a prenup before marriage, the financial conversations you have are vitally important.\u00a0 No one wants to think about divorce when you are planning to join your lives together, but studies show that money is the second leading cause of divorce, behind infidelity.\u00a0 And unfortunately, too many couples don\u2019t have these money conversations.<\/p>\n\n\n\nBUILDING HEALTHY FAMILY FINANCES<\/em><\/h4>\n\n\n\n
\n\n\n\nThis is our first article in a 5-part series on Building Healthy Family Finances.<\/em><\/h2>\n\n\n\n
Start with the Basics<\/strong><\/h2>\n\n\n\n
Discuss your philosophy around money.<\/h3>\n\n\n\n
Be clear about your expectations.\u00a0<\/h3>\n\n\n\n
Share your plans for the future.<\/h3>\n\n\n\n