3 Financial Planning Strategies for Couples


By Caroline Wetzel, Certifi ed Financial PlannerTM R


ecently a woman in her 40s ap- proached me to talk at the end of a fi nancial workshop that I delivered.


With tears in her eyes she said simply, “Thank you for tonight. I wish that I met you six months ago.” Deeply moved and very curious, I asked if she would share more. Theresa and her husband Francis (names changed to protect privacy) made a deal when they got married: he’d take care of their family fi nances and she’d focus on her career. Francis enjoyed managing their money and Theresa found it uninteresting. They both knew how much Theresa loved her profession. Shortly after agreeing to this deal, Theresa became very successful in her work. Their family grew to include children they both adored, and things got busy… very busy.


Life always seemed to get in the way


whenever Theresa and Francis meant to talk about their fi nances. While both Theresa and Francis knew that it was important to have these conversations, there always was a reason why they didn’t happen. And Theresa unsuccessfully tried to rationalize away that lingering guilt that she felt about not knowing more about their fi nances by reminding herself of just how good her husband was at managing their money and how much he enjoyed doing it. Ultimately, Theresa justifi ed not talking about fi nances with Francis as her husband’s gift to her; Francis loved her so much that he owned all responsibility for this important part of their lives and didn’t bother her with it.


This made it that much more devas-


tating when Theresa’s healthy husband died very suddenly and unexpectedly, just months before Theresa and I met at the workshop. Not only was Theresa thrust into the shocking loss of her life partner at a young age and thrown into new responsibil-


(CFP® )


ities being the sole parent to multiple chil- dren under 18 years old, she was propelled into the most traumatic search and fi nd experience of her life. Learning the different pieces of her family’s total fi nancial picture, trying to access them, and then determining what to do about them, having no context for how they were organized and why.


Theresa explained that my workshop


was the fi rst time that she had heard a fi nancial advisor emphasize the importance of estate planning as part of comprehensive fi nancial planning, and additionally offer specifi c strategies that all people should follow even if they trusted someone else like their spouses to manage family fi nances. Unfortunately, Theresa is not alone. Too few people in committed relationships have clarity on their collective fi nancial picture. It’s okay to divide up responsibilities so that everything gets done; in fact, this can be strategic, effi cient, and enjoyable if you end up being responsible for tasks you like to do. Also, it may make sense to separate out what you have and what you spend


by “Yours” “Mine” and “Ours.” What’s not good is losing sight of the pieces that com- prise your family’s total fi nancial situation, understanding why they are as they are, and knowing how to access and adjust them if needed.


If you are like Theresa and trust a part- ner to manage fi nances for your family, the following are three strategies I recommend you both consider to protect yourselves.


1. Assemble the Pieces of Your Financial Puzzle


• Have clarity around what you own (e.g. investments, insurance, proper- ty) and what you owe (e.g. mortgage, college debt, credit card debt).


• Know where your money is located and its intended use (e.g. tax-de- ferred retirement accounts not to be touched for years versus emergency savings to be utilized as needed).


• Store fi nancial details, (insurance) policies, estate planning documents, and instructions for how to access (online) accounts in a safe place.


JILL KENNEY, ND NATUROPATHIC PHYSICIAN


Specializing in the integration of naturopathic medicine with oncology care, combining traditional cancer treatments and natural supportive therapies including personalized diet, supplement, and lifestyle treatment plans.


Providing Naturopathic Care for: Anxiety • Cancer Care • Fatigue Food Allergies • Gastrointestinal Health Nutrition • Sleep • Stress • Weight Loss


@doctorkenney


TWO CONVENIENT LOCATIONS:


Park Avenue Medical Center 5520 Park Avenue Trumbull, CT 06611


61 Sherman Street Fairfield, CT 06825


Call 203.418.7657 drkenney360@gmail.com


@drkenney360 • www.drjillkenney.com www.NaturalNutmeg.com 27


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