Planning to remarry?
With one in five Australians marrying more than once1, what’s the secret to success second time around? Get important tips to help you get on the path to financial harmony and say goodbye to money stress in your new relationship.
Money can be a source of tension
Although talking about how to handle your money when a wedding is on the cards might seem like a passion killer, it’s a really important way to safeguard your marriage from future stress. According to research from Relationships Australia2, 7 out of 10 couples say money is a cause of tension in their marriage.
Reaching an understanding about what you both expect from your finances can be a really effective way to get your relationship on solid ground. The same research also shows that, of the couples who think financial problems cause a rift in their marriage, 29%3 think different priorities and expectations is the main reason why money comes between them.
Getting finances out in the open
It’s not unusual to find it hard to talk about money. Here are a few examples of money topics and questions to get you on course for a successful money conversation with your partner:
Keep family in the loop
How you plan to spend your money in retirement is a very personal choice but one you’re now likely to be sharing with someone else – your new partner. Once you’re both in agreement on handling your finances, take time to sit down with family – particularly your children – to talk about their expectations. If they understand your intentions it can save you from future disagreements that put pressure on you as a couple.
A family meeting can be a good way to talk about your plans. Here are three tips to help you get the best outcome from a financial summit with your children and new partner:
- Hold your ‘meeting’ in a place that feels comfortable – maybe the kitchen table or the pub, if that’s more “neutral” territory.
- Have a list of topics to work through so you can keep on track and get down to the important issues.
- Take plenty of time to listen and respond to show your children you understand their needs and concerns.
Formalise your plans
Starting over with a new partner is also a good time to get your estate plan in order, including super and insurance beneficiaries. A financial planner can prepare your will to ensure your assets are taken care of as you intend, and help you manage the impact and complexities of Capital Gains Tax (CGT).
Need help managing your money?
Getting expert advice can make a big difference to how prepared you are for retirement - both emotionally and financially. By discussing your lifestyle goals with a StatePlus financial planner you’ll have a much better understanding of the super and income you’ll need to make retirement a positive change in your life.
For more tips and tools, download our free Retirement guide or call us on 1800 620 305.
1 McCrindle Fast Facts on Marriage in Australia, Tuesday February 17, 2015, “1 in 5 will marry more than once”
2 Relationships Australia, August 2015: Impact of financial problems on relationships, “7 out of 10 couples report that money causes tension in their relationships.”
3 Relationships Australia, August 2015: Impact of financial problems on relationships, Figure 4, Why financial problems push couples apart, “Of survey respondents who indicated that they thought financial problems were more likely to push couples apart, almost one-third (29%) thought this was due to people’s different priorities and expectations.”