For many of us, love is something we find later in life at a time when our lives and finances are more established. If you’re navigating the intricacies and often complexities of combining finances with a new partner, I’ve got some tips that could help.

 

What’s mine is yours… or is it?

When combining finances later in life, each party will likely have more assets, greater diversity in their portfolio, and a more complicated family set up. It’s very important to be upfront and transparent about your investments, debts, regular expenses, and financial goals. Once you’re clear on where you’re both at, you need to decide how your finances might best combine to create the future you both want.

Communicate and ask for help

Objective advice can often be very useful. As your financial adviser I can help decide on the best strategies to cover your expenses, save, invest, and spend together. If things need to be a little more formal - particularly if you or your partner is still making payments to children from a previous relationship - then it could be worth formalising your financial agreement with the help of a lawyer. Communicate the relevant parts of your plan to your families, and make sure you talk to one another throughout the planning process and beyond.

Be efficient

There can be financial benefits to being in a couple. To get the best of your situation, make sure your tax affairs are set up efficiently, and your super contributions are well-organised.

Managing your estate

One important part of organising joint finances is making sure arrangements are in order should the worst happen. Make sure your estate planning is up-to-date and watertight. Your will should outline beneficiaries, clearly outline what happens to property, and make the relevant protections for any children you have. Leaving assets to them in a trust will avoid any issues should your new partner go on to marry again after you’re gone. Professional advice will make sure you’ve covered any loopholes, and open communication will help maintain positive relationships with all involved.

Of course, everyone’s situation is different. If you’d like to talk through what might be best for you and your partner, then I’d be delighted to help.

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it you should consider its appropriateness for you, having regard to those factors