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February 11, 2021
Think back to the moment you decided your partner was “the one.” The excitement and anticipation you felt about building your life together. Did your memories conjure up images of deep conversations about bank accounts, mortgages and credit card debt? Probably not. Love is a powerful emotion that pushes many issues to the back burner, especially money. However, while love may be blind, that’s not an effective way to manage money as a couple. As your relationship matures and develops, it impacts not only matters of the heart but also the wallet. Open and honest communication about money is vital for a healthy relationship.
Studies show that couples’ inability to communicate about their finances is the second leading cause of divorce after infidelity.1 That’s not surprising. Many of us find it difficult to discuss money with our significant other. This reluctance often stems from how we were raised, the societal stigma associated with the topic, and embarrassment over past financial decisions. It’s time to get over the stigma, put egos aside and embrace the conversation. Regular “money dates” are the foundation for achieving financial harmony and avoiding financial infidelity.
Does the thought of having regular money dates send your heart racing? We get it. These conversations can be tough and uncomfortable. Using our framework helps make the process easier and less stressful. In this guide, you’ll find key financial considerations for each phase of a relationship and the steps you can take to help preserve, grow and protect both your individual and joint wealth. We also explore the financial implications of relationships that end either by choice or the death of a partner.
Financial harmony and relationship harmony go hand-in-hand. Strengthen these bonds with the tips in our full guide or contact a Cerity Partners advisor to discuss your personal situation.
1 The Motley Fool, Do This Before You Get Married, June 2019, https://www.fool.com/investing/2019/06/20/do-this-before-you-get-married.aspx
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Vonny is a Partner in the New York City office and has more than twelve years of industry experience specializing in company benefits, tax planning,...
Kate is a Partner in the Chicago office and has nearly thirty years of experience in providing comprehensive wealth management to corporate executives and high-net-worth...
Ekaterina is a Partner in the New York office. She has over 20 years of experience in the financial services industry, providing a wide range...
Ben Pace, Tom Cohn and James Lebenthal
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