And without a legally binding agreement, a judge cannot enforce spoken - or inferred - wishes. Without an estate plan, they risk outcomes that differ significantly from the implicit contract they have with one another: That is, they will take care of each other and their children, without conflict, no matter what.ĭespite the growing percentage of unmarried couples, current laws governing financial and estate planning do not afford the same protection to unmarried partners as they do married couples.
While Kim and Matt remain happy and healthy, they’re justified in feeling they should have a plan in case something happens to one - or both - of them. However, it is increasingly common, as the number of couples - many with children - who choose not to marry grows. To some, this situation may seem unusual. Matt’s previous marriage ended poorly, and both Kim and Matt are happy with their current arrangement. They also suffer from approach avoidance: They recognize their situation is complicated, and they are tired of the subtle (or not-so-subtle) suggestion that they should marry to avoid undesired outcomes. But as parents and professionals, they have very little time. Kim and Matt know they need an estate plan the pandemic has served as a stark reminder of its importance. Both are relatively high earners, and Kim recently received a sizeable inheritance from her mother, who the couple cared for together for many years. Since they’ve been together, the couple’s finances have become interwoven. They have one child together, and Matt has two children from a previous marriage. Kim and Matt have been unmarried partners for nearly 15 years.
But the more organised you are, the easier it will be to get things moving.With the right advice and mindset, unmarried couples can forge a healthy and successful planning paradigm - despite legal disadvantages.Īn Increasingly Common, Uncommon Financial Planning Scenario Banks and lenders take into consideration a lot of factors before they decide to approve applications. When you apply for a home loan, you’ll want to be prepared. If you’re looking at property instead, it’s best to start the conversation with your lender soon, so you can figure out how much you can afford and where you want to live. With the right repayment plan in place, personal loans can help you achieve those bigger financial goals, such as paying for the costs of starting a family, moving overseas, or even paying off the engagement ring. You may have already opened up a savings account, but have you thought about applying for a personal loan? MoneySmart’s savings goals calculator, opens in new window is also a great tool to keep you on track.įor more budgeting and saving tips, NAB has plenty of tips and advice to give. Using an online budget planner (perhaps the same one that helped with your wedding budget) will help you find out where you can save money, as well as how much. A nice dinner or weekend away can remind you that your couple goals are worth achieving. When you hit your milestones, there’s no harm in rewarding yourself. You may also consider whether you want a joint account when opening a new savings account as a couple. These savings products offer fixed, competitive interest rates and you can choose a term to suit your needs. You might also want to consider a term deposit. You could set up a separate bank account, such as the NAB Reward Saver, that has good interest rates and bonuses. Keeping motivated is important, but this often takes incentive.
#COUPLE FINANCIAL PLANNING PROFESSIONAL#
A professional can help you set up the timelines and look at ways of boosting your goals. It could be worth talking to an expert at your local branch, or a financial planner. Just like working with wedding planning list, setting out a clear timeline can help you visualise your goals, and importantly, make sure you’re staying realistic about how and when you’ll achieve them. With a better grip on your financial pain points and the goals you both want to achieve, it will be easier to start making practical plans. This will help you work on them, without compromising the goals you have as a couple. While you’ll both have personal savings goals, it’s a good idea to talk about what these are and why they’re important to you. Step two: separate individual goals from couple goals While it’s normal to have pain points like these, it’s important to recognise them for what they are and work on solutions. different ideas about couples bank accounts.In other words, the areas that need some attention and possible alterations. When you start making plans, chances are you’ll both come across financial pain points. Step one: what are your financial pain points? Tackling financial goals together can help a couple understand each other’s priorities, develop good saving and spending habits, as well as create the kind of future that works for you both.
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