Marriage is probably the number one element for making and keeping wealth or financial stability.
A spouse can contribute to greater wealth. A spouse can help with business, give/offer ideas and counsel, entertain your clients, shop wisely for home needs and be committed to saving, investing and charitable giving.
A good marriage can also keep away a bunch of financial negatives. You won’t suffer a divorce, which often entails a split of 50% (after legal expenses) of your asset base and prospective income, the introduction of duplicate housing/lifestyle costs and host of other financial inefficiencies.
So like doing a portfolio check up couples should do a review of the health of their relationship. They should review their finances read books on successful investing while also build their knowledge in having successful relationships.
Protecting your wealth is a multi-step process which takes into consideration you and your partners values, views, interests and priorities. It involves gaining a better understanding of how your partners needs and interests fit with yours now and over time.
Discussing charitable giving with your partner is also a great idea for building a legacy but also tax reduction.
At FUNDING matters Inc we have been able to walk families through the timely discussions regarding their future plans and reduce family unrest through our discovery meetings and illustrations of financial planning through the GIFTABULATOR software.