Collaborative financial planning between couples is very highly recommended to ensure a smoother marriage and minimising possibilities of financial turmoil for loved ones and one’s self.

It’s very important that both partners are on the same page when it comes to their budget, spending habits, debt management and their near future and long term financial plans. Surprisingly it’s not necessarily the lack of finances but the lack of compatibility in the financial pitch of the relationship that very commonly leads to divorce.

Money decisions can sometimes make partners feel disrespected and this may snowball into many other problems that could lead to the disintegration of the marriage. It just makes sense that in any partnership be it a business or marriage, management of finances should be jointly understood and agreed upon. Personally, I prefer to consult with my clients as a couple and not individually for many reasons and the main one is because if the main decision maker and controller of the finances should pass away I would hate for the surviving spouse to feel stranded and overwhelmed and as a result the financial situation could take a turn for the worse.

For example if the wife is the sole beneficiary and has to take over the leadership role of the family if her husband passes away, shouldn’t she know what she is inheriting? Is it sufficient? What liabilities need to be paid off? Are there funds to cater for it?
How will we amalgamate both their retirement planning into one holistic approach or if both are working and independent should it be completely non-integrated?

I also come across couples spending habits creating a rift in the relationship because there is never a discussion regarding budgets and an overall review of their financial standing. A marriage is partnership whereby there exists a joint consensus of how the money is spent regardless of who is the main bread winner and controller of funds.

Not discussing and working towards financial goals together could leave one or both partners very frustrated. It’s alarming that some partners don’t realise what the budget entails in the running of the everyday living expenses and some partners don’t realise the amounts incurred in paying off overheads.

It’s not something to take for granted and is a discussion I encourage all husbands and wives or partners in a live-in relationship to consider having. Discuss your budget and jointly plan it. Talk about your financial dreams and what sacrifices you need to make to attain it.

Speak about how you would like to retire and what provisions need to be made. Meet with your financial planner together to attain a comprehensive understanding of your current financial standing, how do the decisions documented in the Will affect the beneficiaries and how can you work co-operatively to ensure both partners share and work towards common aspirations while still maintaining their individuality.