Financial advice for couples can run the gamut, just as relationships run the gamut. Although, teamwork may settle the score the best because it requires you to both work together toward shared goals. Although, of course, their are different stages of relationships, from just starting out to living together and never getting married to getting married, to being married, to getting divorced.
Different financial advice for couples will come from the mouths of different advisors. Although, it is a good idea to hire an advisor into your shared money picture. The professional individual can bring a sense of perspective into what can be a very strongly emotionally charged situation. Because money is still the number one reason couples fight and break up, it is definitely a good idea to get a little outside help on this area of your shared life before it ruins you or breaks you apart.
There are of course various stages of relationships beyond dating to marriage (and divorcing or one spouse passing away.) There are shared paths along the way. These can include retirement, 401k, Roth IRA, college funds, parenthood and investing. These, in addition to spending, can all become hot button topics instead of just important money matters.
When choosing an advisor be sure to find a professional Personal Financial Advisor who specializes in counseling couples on how to manage their money. You want someone who is experienced in current financial advising, not just getting ready to learn some big, bad lessons on your situation and relationship.
The next step is to make sure that they have credentials. Check National Association of Personal Financial Advisors (NAPFA) to find a professional with credentials in good standing. NAPFA stands behind fee-only advisors. They act mainly as consultants who are paid by the hour or per project to work for couples like you. NAPFA and their clients are pro-client integrity. Both NAPFA and the advisors work for the client's goals only. They require those with NAPFA credentials to promise to do this, which is the fiduciary oath.
Financial advice for couples may also include personal financial advisors who have credentials that also include: Certified Public Accountant, Certified Financial Planner, Chartered Financial Consultant, Master's in Fin'l Services, and Financial Planning Association. And, it is recommended that you interview your potential advisor questions about their length of experience, degrees for their studies, credentials and their obligation to serving you with professional advice and only your best interest.
While it is important to consider that you want to work on financial advice for couples and find an advisor specifically for your needs, you would do well to be open to a comprehensive planning session. This will entail looking through all of your finances for advice. In addition, it will help you make sure it all turns out balanced, rather than just one area focused on at the expense of all other areas. In addition, your professional will make recommendations that are neutral to your situation, in that they have no emotional involvement to your outcomes. Part of you and your spouse or significant other's problems might be being emotionally tied to monetary outcomes in your lives. That can inhibit good decision making about your money
While you may have already had an evaluation and built a game plan through financial advice for couples in the past year, if your situation changes drastically, then you may need to re-evaluate your advice. You will probably want to seek out the advice of the same professional to find out what financial advice for couples they have for your newest stage as a couple. Financial advice for couples that your professional might offer would come in extra handy during transitions, or actually in anticipation of them.
When couples are about to pull themselves out of the work force for life, when you are planning to have children, figuring out how to invest money from an inheritance, those are all stages. They are big transitions and couples need to consider seeking out financial advice for couples whenever you hit those big changes together as a couple. Consider your friends who may also need professional advice, because they too may need help righting some long standing money issues. And, you may just help them improve their relationship together when they improve their shared relationship with money.
Financial advice for couples can run the gamut, from young to old, and from fresh and new to the milestones couples hit from the first year to their golden year together. There is much to look forward to about being a couple, especially when a third party professional weighs in on your situation. The professional advice can help your relationship along. This can help make it healthy and strong, along with your fiscal health too.
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"I wanted to be sure I met with an advisor who wouldn't just throw all sorts of financial jargon at me without explanation, and this site helped me find an advisor who was great at explaining things simply. Thanks!"
Sharon D, Tempe AZ