900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 ·
215.563.0276 ·
Fax: 856.667.3652
The Online Advisor - March 1999
Financial planning for married couples doesn't have to be a hassle
If you and your spouse are like most married couples, you probably have two main financial goals: (1) living comfortably today and (2) working towards financial independence. If you frequently argue about money, these goals will be harder to reach.
You can minimize hassles about money by getting your financial life organized.
Set aside a financial work area at home, and stock it with basic equipment like a filing cabinet, tickler file, and in-and-out basket. Identify all of your family's financial chores, such as writing checks, organizing tax information, working with insurance agents, etc. Decide which partner will take responsibility for each task. Rotate jobs, and make sure each spouse is eventually exposed to all financial areas.
Several areas deserve special attention:
- You should have an up-to-date estate plan that makes proper use of trusts and the estate tax marital deduction.
- If you have minor children, you need a will naming a guardian in the event both of you die.
- Make sure you have enough life insurance to provide for the family if you die prematurely.
- Check the form in which you own your house and other major assets. Joint tenancy with right of survivorship is a common choice, but it's not always best.
- If both spouses work, review your medical plans and other benefits. Eliminate any duplicate coverage.
For help with any of your financial planning, contact our office.