Combining finances with your partner
When combining your life with your partner, getting on the same financial page is critical.
Begin by discussing your attitudes toward money and spending
Review your income and current expenses in order to create a monthly spending plan.
Next, divvy up responsibilities
Some different approaches to try:
- Designating a “family CFO” to handle all financial matters
- Dividing accounts and responsibilities 50/50
- Agreeing on a split based on personal preferences
Consider your employer-sponsored benefits
You may want to think about:
- Updating your benefits coverage through your employer
- The impact any benefit changes may have on your take-home pay
- Contributions to retirement and health savings vehicles
Tip: Getting married is a qualifying life event, which allows you to make changes to your benefits outside of annual enrollment.
Think beyond employer-sponsored benefits
You and your partner may want to discuss:
- Creating joint accounts, keeping separate accounts or a combination of both
- Insurance policies and consolidating coverage, if appropriate
- Updating your tax withholdings and consulting with a tax professional, if necessary
- Creating an estate plan, including updating your beneficiary designations
These discussions can help you create a shared vision for how you want to manage your family’s finances and find a balance between short- and long-term financial goals.
Want to learn more? Check out other articles from AYCO on financial planning and more.
This material was prepared by The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management (“Ayco Personal Financial Management” or “Ayco”), an affiliate of United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”). This material was prepared for informational purposes only and should not be construed as personal financial planning, investment, tax, accounting, or legal advice. No investment decisions should be made using this data. GS PFM believes the material used for the article is accurate, but does not verify its accuracy independently and does not warrant or guarantee that is it accurate or complete. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. ©2021 The Ayco Company, L.P., d/b/a Goldman Sachs Ayco Personal Financial Management. All Rights Reserved. Brokerage services are offered through Goldman Sachs & Co. LLC and Mercer Allied Company, L.P. (a limited purpose broker-dealer), both affiliates of Ayco and members FINRA/SIPC.
Additional materials and revisions by © 2021 United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management. All Rights Reserved.
United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.
The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.
Information and opinions expressed by individuals other than GS PFM employees do not necessarily reflect the view of GS PFM. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.
