BRP/Grenier Financial Services

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BRP/Grenier Financial Services
1441 Main Street, Suite 1050
Springfield, MA 01103
phone: 413-736-6712
fax: 413-736-6712
info@brpgrenier.com

News & Articles

Before You Say, “I Do”

August 01, 2006

by R. Patricia Grenier, CFP®, CSA

Money is such a personal matter that most couples find they can talk about almost anything, from where they will live or how many children they will have, but they cannot bring    themselves to mention the "M" word.  It is important to have a better understanding of how each views money and the role it will play in your marriage, in the lifestyle you chose, where you will live and in your children's lives.  Many couples find that financially they are not as compatible as they thought.

To avoid financial incompatibility there are important questions each partner should ask:

  1. What are your financial assets and liabilities is the most basic, and also the most difficult to discuss? Knowing what is in the bank, how much is in investments and retirement accounts can provide a sense of security and comfort. On the other hand, knowing what debt is brought into the marriage allows the partner to know what to expect, and not be caught by surprise. Debt creates anguish - letting it out in the open can help diminish it.
  2. How does each partner use debt is also extremely important to avoid marital strife.
  3. What is each partner's money history? How the family dealt with finances, shapes how each partner will deal with their finances. Who is the saver, the spender, or will both reinforce the negative financial habits of the other? Will one partner have to assume a role they are uncomfortable with such as the financial gatekeeper?
  4. The most explosive questions are the ones that will determine whether a pre-nuptial agreement is necessary. These discussions need to be approached with caution as it is interpreted as a lack of trust. Of course, if you are trying to protect assets for children from a 1st marriage, it is absolutely necessary to discuss the need for a pre-nuptial agreement.

    If you feel you can't broach the subject with your partner, ask your financial planner to do it.
  5. The best conversations and questions to discuss are the ones that pertain to each ones individual hopes and dreams. This conversation will help guide the couple in setting priorities, goals, and ultimately putting together a strategy to obtain them.
  6. How will the financial duties be divided up? Who will handle the bookkeeping? Who will be the financial gatekeeper? How will investment discussions be handled? No matter who does what, it is important to let the other partner know what is going on and to keep the lines of communication open.
  7. What are the career expectations of the partners?  Are both partners expected to work throughout the marriage  or will one take a hiatus to raise a family?  Once this is established, a savings goal can be implemented, and strategies for how the family's finances will function can be put in place.
  8. One of the most surprising issues couples face is whether they will operate from one, two or three checkbooks. In particular, older newlyweds accustomed to managing their own money, often have a hard time giving up control.

    There is no right answer.  Sometimes each maintaining their independence and setting up a joint account to pay joint expenses makes sense, at least in the beginning.
  9. Does each partner have a basic understanding of money and how to manage it? What role will investments play? Do they understand the basis of how checking accounts, credit cards and 401K Plans work?

Both partners understanding the basics of how money works will help avoid miscommunication and maintain marital bliss*

R. Patricia Grenier, CFP®

*Idea for article taken from Wall Street Journal - 3/27/2006

Pat Grenier is a General Partner with BRP/Grenier Financial Services in Springfield, MA. Securities offered through Cadaret, Grant and Co., Inc., Member FINRA/SIPC. BRP/Grenier and Cadaret, Grant and Co., Inc. are separate entities.

Pat can be contacted by phone at (413) 736-6712, or email her at pat@brpgrenier.com

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This article appears in the August 2006 issue of Western Mass Business Woman.

This article appears in the August 2006 issue of Western Mass Business Woman.