Consider for a moment how the finances are handled in your relationship. It’s pretty common in relationships for only one partner to handle the finances. Maybe it falls to one partner because they are the primary income provider or perhaps it is perceived one partner is uninterested. When it comes to planning for your financial future, are both parties agreeing on the plan, or are you even discussing it? What if the unthinkable happens and through fate or choice your partner is gone…what will your financial future look like if you aren’t part of the financial discussion? If this sounds like your relationship, we have good news! Here are some small steps you and your partner can try out to get on the same financial page.
When meeting with a financial advisor make sure both partners participate and share their wishes. It’s very common for one partner do a lot of the talking, but it is imperative that both share their wants and dreams when planning for your financial future. Maybe even have each partner meet with your advisor individually and then come together for a joint discussion. This allows both partners to share without the pressure of conflicting with the wishes of the other partner. Once everything is out on the table, your advisor can help you work though what needs to happen so everyone can get the financial plan they both want.
Some of the most important factors in your personal credit are the number of trade lines and length of time in file. If both partners aren’t taking part in the transactions that go in your credit report, both partners aren’t building good credit. Consider this example: A husband and wife will finance a house, several cars, and have a few credit cards during their lives. Maybe the husband is the primary income provider and completes these transactions in his name only because he thinks it’s more convenient, or the spouse’s income doesn’t help the transaction. Now if the husband passes away first or there is a separation, the wife will have a pretty difficult time obtaining credit because there simply isn’t a history. She missed out on the benefit of those trade lines over the years. Make sure you include both partners on credit transactions whenever possible so both can benefit from your relationship’s good credit!
An easy way to keep both partners informed about their finances is to have all financial communication addressed to both people. Have your monthly statements mailed or emailed to both partners. Schedule a time each month to sit down and talk about the status of your monthly budget or if something is coming up that will require adjustments. This not only helps keep both partners informed, it helps both be prepared to continue handling your financial affairs if something happened to the other.
Ultimately keeping both partners on the same financial page comes down to taking the time to communicate, both with each other and with your advisors. When it comes to something as important as your financial future, both partners need to make their wishes known and both need to understand what it will take to achieve that goal. Your financial advisor can be a big help in that respect. Viewpoint Financial Network will work with both partners in your relationship to help you plan for your future on your time and on your terms. Give us a call today and let us help!