It’s important to seek financial planning advice when you get married or start living with your common-law partner
When you meet someone and fall in love. You discover you have many things in common. You seem to be able to complement the other person in many aspects of life. You’re probably not thinking about Marriage or Common-Law financial security. At the same time, you have your own history and ways of doing things and your partner has his/hers. For example, “how to handle money and how to spend it”. Often this is either a point where you will have similar views as your partner or completely opposite views.
The idea of meeting with a Financial Planner is to go over financial matters and find out if you are on the same wavelength as your partner. The earlier you deal with this important issue the stronger the bond will be between the partners. You will discover through this process whether you have similar financial goals or not and know if you will be able to adapt in the future or not. The Financial Planner will put the cards on the table in terms of wills, investment, insurance, taxation, separation and the implications of divorce. The more information the couple has from the onset, the better prepared the couple will be to handle whatever comes their way.
One of the most common causes of breakups in North America is financial disagreements. Don’t wait. Deal with it now!