'(S)he Loves Me, Loves Me Not…'

McDonnell, Mell
September 2000
Journal of Financial Planning;Sep2000, Vol. 13 Issue 9, p86
Academic Journal
This article discusses several aspects of financial planning for married and divorced couples. Fifty percent of marriages continue for a lifetime, and 50 percent end in divorce. Popular wisdom has it that success or failure in relationships often depends on how a couple handles money. Elaine L. Collins, CFP, of Collins Financial Planning Services Inc. approaches the issue gently. She asks them how they plan to handle finances and waits to see the kind of response she gets. If both are open to this discussion, she talks about assets. Collins then suggests that assets brought into the marriage stay in individual accounts and assets earned in the marriage be placed in a joint account. She says that a lot of people want to run out and put everything into a joint account just as soon as they are married, but she would like to slow it down and let her be the guidance counselor. Mark H. Kaizerman, CFP, CPA, PFS, of Kaizerman and Associates, says that having individual accounts gives each partner a necessary sense of independence and allows for "spontaneity of individual consumption."


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