Getting Together & Breaking Up: Planning for Couples

In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle planning for couples.  Whether you are working on moving in with someone, getting married, or separating after a long-term relationship, you will have some big financial decisions.  Open communication can be key, but what should you even be talking about?

Financial topics that affect couples include:

• The simple things like paying bills!
• How to manage banking and split household expenses.
• Questions of ownership.
  • What if you owned a house and then got married?
  • What if you bought real estate with a partner when you were NOT married?
• How to make sure your assets pass to the person you would like to have them if you pass unexpectedly.
• How and when to consider things like life insurance.
• How to get on the same page (or at least come to an understanding) on long-term goals like retirement savings.

Just like with almost every relationship issue, talking openly about your current financial situation and your goals can be key to making sure there are not misunderstandings with your partner when it comes to money.  Many decisions about how to manage specifics are personal preference, but it’s great to get on the same page if possible.  To hear more, listen to the full episode.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.