It is natural for a couple to divide certain household or family responsibilities – there are only so many hours in a day! As the years go by, each has their role in the partnership and these roles often stick for the majority of the union. Regardless, it is never too late to begin the discussion. Here is a checklist to get you started:
- Pick an opportune time. Perhaps you have both returned from a trip to the bank or a meeting with your financial advisor. Since investments are top of mind, now is a good time to broach the topic.
- State your expectations – “I feel out of the loop when it comes to our investment accounts. I know that you have traditionally overseen that aspect of our lives but I need to be informed and come up to speed on it. I suggest we use next week’s Saturday morning coffee time to go over our financial affairs together.”
- Inform yourself – once you have an overview of your combined finances (accounts, amounts, types of investments, history of where they are and why…), you will be in a position to start some research of your own. Next week I will give you some questions to ask yourself about your portfolio.
- Set up a schedule to keep the communication on-going.