As wealth advisors, when we work with couples it is a lot easier to have one point person on money issues. However, the other partner, no matter their age, needs to participate in discussions and decision-making. If they don’t, then two unfortunate consequences can occur:
- Couples that need to make changes to put them on a good financial path struggle to do so and watch their goals slip away;
- If the point partner dies, the surviving partner is left to learn and execute an estate and financial plan under duress and, once they understand it, they don’t like it.
Couples often think that the person who is most financially literate should manage their money — yet research shows why, especially as partners age, that’s a problem.
Read more about it in this New York Times article:
You’re the ‘Money Person’ in Your Relationship? That’s Problematic