Money is often cited by relationship experts as the number one reason for relationship failure, in particular marriage. Why is money such a strong factor in determining one’s success in marriage, longevity and health?
Maybe it really isn’t money that is the major factor but that the underlying issues which relate to the money that are the problem.
How can couples get on the same page?
It is important for each partner to understand why the other feels the way they do and develop a mutual understanding. Whether it’s generosity or thriftiness, communication is the key to understanding one another’s views and unspoken preferences and bias.
When gifting is made, how are the spouse, children and charity taken into consideration?
Discussing money topics in detail is the beginning of the process. When I meet with lawyers, they tell me that couples often don’t have an idea of how to split up or allocate their life’s assets to family and community. In many cases this is the first time that the couple has given thought to who gets what. It’s not surprising then that 70% of individuals don’t have a current will.
I recently had dinner with an accountant who is acting as trustee for an estate that is being contested by two sisters in their 60s. They are not talking because they can’t agree on how to divide their mother’s antique teacups and fairly apportion her funds to her grandchildren. These sisters are literally throwing 60 years sibling friendship out of the window by failing to communicate.
Plan your estate through effective communication to ensure minimal headaches and heartaches for your loved ones and to minimize legal fees and taxation to benefit family and community.