Mar 01, 2017

10 Steps to Help Commit to Financial Fidelity

By United Capital

Finances can often serve as a catalyst for conflict in a relationship, but it doesn't have to be so. Money can also bring couples closer. Constructive conversations about money realities and both parties feelings aobut those realities can help build relationships that are stable both emotionally and financially.

If you want to strengthen your marriage by avoiding conflicts over money, commit to these 10 steps in our Financial Fidelity Checklist.

  • Discover how biases affect your decisions about money by taking the Money Mind® quiz.
  • Have an open discussion with your spouse or partner to facilitate a deeper understanding of what their values are and what matters to them when it comes to money.
  • Acknowledge the risk. Financial deceptions may create bitterness, erode trust and shake the foundation of even the strongest marriage or partnership.
  • Commit to making financial fidelity a cornerstone of your relationship and to refrain from using money as a punishment or reward in the relationship.
  • True-up your balance sheet. Make sure it includes an accurate reflection of your financial health as individuals and as a couple.
  • Develop a discretionary spending strategy. Some couples pre-set an amount for “no-questions-asked” spending. Other couples agree to discuss spending only over a specified amount (e.g. $250).
  • Work toward creating equality in the knowledge and authority of your household system for spending and saving.
  • Schedule time to periodically review household money management.
  • Establish a policy on how to respond to loan requests from family and friends.
  • Grant access to money management tools. If one spouse keeps the family books, consider giving the other spouse access.

United Capital Financial Advisers, LLC (“United Capital”) is 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. United Capital does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances.

Goldman Sachs does not provide accounting, tax, or legal advice unless explicitly agreed in writing between you and Goldman Sachs. Nothing communicated to you, including within this document, should be considered tax advice. We have made no representations with respect to the tax consequences of the transactions contemplated herein. We understand that you have obtained, or will obtain, independent tax advice with respect to the transactions contemplated herein. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the U.S. federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.