When it comes to estate planning, your marital status isn’t the only important factor: it’s important you’re on the same financial page as a couple. Yes, even when it comes to estate planning! See if this sounds familiar: couples report having open and honest conversations about their finances. At the same time, 40% don’t know what their partner is earning and one in ten were unable to guess it, even when given a pretty wide margin of error. Without this basic information, how likely is it that a couple can do the financial homework necessary to plan for retirement?
Wjbf.com’s article, “9 Questions to consider in planning your financial future,” reports that the Couples Retirement Study by Fidelity Investments revealed that many couples need a far better understanding of their joint financial lives. That said, many elect to divide up the tasks of money management, bills, assets and debts. Although a seemingly equitable idea, it can leave one or both without all the important financial details.