How to manage your money as a couple
Ever heard of a Pronup? Well, it certainly is not to be confused with a Prenup, which in legal terms is a legally binding agreement about what will happen to assets you bring to a relationship – if things don’t work out. On the other hand, a Pronup is about focusing on the future together and the goals you wish to achieve. It’s a little play on words, I must admit, but a Pronup is a detailed financial plan for a better future together.
We can’t hide from the facts that money can be a contested subject in a relationship. According to Relationships Australia, money is the number one cause of divorce in Australia.
I remember back to the days just before I got married (20 years ago!!), and the minister of the church took on this role of asking us if we had discussed matters of money together before marriage. The minister certainly didn’t ask us about our aspirations as a couple, and what we wanted to achieve in the future or discuss how we could go about navigating what was important about money to each of us.
This is where a Financial Adviser can certainly be of benefit in preparing for the future. If you have an adult child who is in a new relationship and they are about to consider moving in together or taking the next step of marriage, you may wish to refer them to this free eBook download for “Nothing Says Forever Like a Pronup”.
Frances Easton (MFinP, BBusAcc, CFP Professional, SMSF Specialist Advisor) is a representative of Alman Partners Pty Ltd, Australian Financial Services Licence No: 222107.
Note: This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person or entity. Accordingly, to the extent that this material may constitute general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation and needs. This is not an offer or recommendation to buy or sell securities or other financial products, nor a solicitation for deposits or other business, whether directly or indirectly.