![]() ![]() Often, Bouck sees clients that fit into the dynamic of “the nerd and the free spirit,” he says. There needs to be flexibility to change, if necessary, and your system needs to be sustainable, Clayman says. To start your marriage off on the right foot, finance-wise, both couples need to participate in money decisions and each partner must be transparent about their money. Whether or not you decide to combine your finances, keep them separate, or share some of your money, communicating about money is key, she says. “You owe it to your partner to have a finance date once a month,” Bouck says.Īmanda Clayman, a financial therapist in Los Angeles, agrees. It’s important for each partner to take part in financial planning and in knowing what’s going on with your money. “So you have to sit down and communicate about that,” Bouck says. Communicate with transparency about moneyĬonflict often arises because “the spending habits you had separately aren’t necessarily going to make the other person comfortable,” like spending hundreds of dollars a month on clothes, for example. If this is your first marriage and you have an established career, “and you’ve had separate accounts up to this point, it can be really hard for someone to give up the freedom of having 100% of their own checking account,” says Bouck. The way you’ve lived before you got married matters, too. “But if a client asked me for my advice and what I think: Marriages tend to work better when there’s no hiding of any assets, there’s no hiding of any accounts, and you have a full view of each other’s money.” You don’t merge all of your assets together,’ because it’s a very personal decision,” Bouck says. “I would never go tell a client, ‘You guys are terrible people. Here’s the argument for commingling your assets when married, according to financial advisors. Still, “most people that go into marriages with the idea that they’re in it together for the long haul and end up sharing assets - in our experience, it seems to work a little bit better than people who, from the beginning, try to keep things separate.” “If one person is earning $50,000 a year and the other is earning $200,000 a year, everything goes in the pot and is split equally.”ĭeciding how to manage money as a couple is “a very personal conversation,” Bouck acknowledges. “A good household is kind of like communism,” says Bouck, who is a certified investment management analyst and financially advises couples. “I try not to be too preachy, but in my experience working with couples, in most good marriages there is this feeling of, ‘We are completely in this together and we share everything,’” says Zachary Bouck, managing principal and chief investment officer at Denver Wealth Management in Greenwood Village, Colorado. If you’re planning on getting married soon, you may have started to consider how you and your partner will handle your finances. ![]()
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