Should a discussion of each partner’s assets and debts be brought to bear before the marriage part of the communication process? Gary Gainspoletti: I find it very hard to imagine a young couple pursuing the prospects of marriage getting too wrapped up in a discussion about assets and liabilities. I also feel like that is the very reason that only two out of 10 people ever engage in serious financial planning. It is simply because the money or the finances by themselves are not sufficient motivation to get them to take action. It’s boring, couples would rather talk about houses, cars, pets, children, and other more interesting family matters. So why not let them? Wealth is more than money. We view wealth as being three dimensional and money is just one of those dimensions. The other dimensions are personal and social and when we carefully blend all three of these, it is then that we get couples to start thinking about their future in monetary ways. Eventually, it is all about a legacy, one that we live today and one that we leave for our family. What is your professional opinion on single or joint banking accounts? Gary Gainspoletti: Choosing a banking preference should be predicated on the best way couples can be held accountable for meeting obligations and saving money. Here again, a little communication can go a long way, but do remember this, “everybody’s business is nobody’s business.” The bottom line is that someone has to be responsible. With the addition of children, should the couple have an understanding of care for the children, such as using childcare or possibly one spouse staying home or only working part-time? Gary Gainspoletti: Childcare has and will always be a serious discussion. A lot of the decision surrounding child care versus the stay-at-home mother (father) will obviously depend on the earning capacity of each member of the marriage. As always, the greater concern in this matter is the safety and care of young children and offering them the best opportunity to grow to become healthy well-rounded children. Short of running a credit check on your future spouse, what are some other ways of making sure you and your partner are “on the same page,” financially speaking? Gary Gainspoletti: First of all, you should know the person you are planning to marry. While I am sure that there are some real players out there who have motives that are not so honest, most people are trustworthy. However, just in case I am too naïve about people, why not schedule a face-to-face meeting with a financial planner or any professional who has dealt with couples in business or legal matters. Many professionals will offer an initial complimentary meeting. This meeting should be a joint meeting of you and your prospective spouse. Let the professional question you and your honey about various aspects of marriage and your future. Pay attention to the responses, even your own. You may be surprised, hopefully in a pleasant way. Gainspoletti Financial Services LLC has offices in Hernando and Cleveland, Mississippi. Visit gainspoletti.com.
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