It’s not uncommon in a relationship for one partner to handle most of the finances and for the other to have little or no interest – or involvement – in the process. Many are not the ones responsible for managing the day-to-day finances in their relationship. They may be experts in their own fields, but they may not fully understand the investments, know their accountant or attorney, or feel any sense of general financial preparedness.
If difficult situations or unexpected events arise such as divorce, widowhood, or the sudden incapacitation of a partner, it can leave the uninformed spouse or family members vulnerable.
For an uninterested or uninformed partner, trying to become acclimated with the finances can be a daunting task – and even more challenging without knowing where to start. Financial accounts and statements may be scattered in folders all over the place or across various internet portals, each with a separate password. Simply finding the necessary information can be an arduous task.
If something were to happen to your significant other – would you know what to do? It’s critical for both spouses (and all family members) to have a firm grasp on the basics of their household finances. This guide is intended to inform you on what you need to know and can serve as a roadmap to more easily navigating the difficult circumstances that often come along with sudden life events.
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