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Money Management for Couples

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If you are soon to be married or living together, you need to determine how your money will be combined (joint checking and savings accounts or separate accounts) and who will be responsible for each household expense.

If you’ve been together for some time, your primary focus is to make sure that you’re living within your means and that there is transparency about all money matters. To the extent you take on debt or make large purchases, it needs to be an amount both parties are comfortable with.

children’s) may be one of your priorities. Even though retirement may be a long way off, the sooner you begin saving for that goal, the better.

Those who are older may be primarily focused on retirement and the disposition of their estate. Sitting down with a financial advisor can be beneficial regardless of your age. An advisor will gather input from both parties and craft a plan to help guide your long-term financial decision-making. #4 – Is proper paperwork in place?

For couples who plan to get married, there might be reasons to consider a pre-nuptial agreement. It spells out how assets are to be divided in case of divorce. Most importantly, it limits costs related to litigation should divorce occur, as the parties agreed in advance on how assets will be split. For older couples, making sure estate documents are in place is important. The issues are trickier in cases of blended families, as the distribution of assets can be more sensitive. In both cases, seeking proper legal guidance is important.

Life partners need to be #2 – What are today’s on the same page about financial priorities?

These can change from money We all know couples who time to time, but it’s imfight about money. In fact, portant for couples to frequently discuss what you may personally be is important to them. For in a relationship where example, young couples finances are a source may want to determine of tension. It’s no mysif they should set money tery why these kinds of aside for a down payconflicts are so common ment on a house. Some – money fuels our ability may want to prioritize to take care of ourselves spending on vacations. and our dependents.

Managing it requires disci- Later in life, couples need pline and a plan, but often to think about how they couples don’t see eye-to- plan to spend their time (and money) in retireeye on what that means. ment. These are issues When long-term committhat should be discussed ted partners share their finances but not the same frequently to make certain Bottom Line When it comes to money, values and habits around there are no surprises. communication is key, money, it’s ripe for friction. #3 – What are your longespecially since it can be Fortunately, as with most term goals? a very emotional topic. things, clear and open communication can help. These tend to vary based That’s why talking about it Here are four question to on your age and are likely regularly is important. For to change, to some excouples, limiting financial facilitate an honest and tent, over the course of surprises – whether that productive conversation your lives.

As a young be long-standing debt or with your spouse or partcouple, putting money large purchases – can go ner about money. aside for higher educaa long way to building a tion (your own or your healthy, team-oriented ap#1 – How are expenses

DECEMBER 7, 2022 proach to budgeting and managing money.

Duane J Lusson, CFP, ChFC, CLU, MSFS, is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Ottumwa, Iowa. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact him, call 641-684-4200 or stop by his office at 527 W. Second in Ottumwa, Iowa.

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC,

a registered investment adviser.

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2022 Ameriprise Financial, Inc. All rights reserved.

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