{"id":1133,"date":"2024-06-18T12:01:07","date_gmt":"2024-06-18T16:01:07","guid":{"rendered":"https:\/\/wp-dcb.resultspw.com\/?page_id=1133"},"modified":"2024-07-15T16:39:59","modified_gmt":"2024-07-15T20:39:59","slug":"couples-divide-and-conquer-financial-responsibilities","status":"publish","type":"page","link":"https:\/\/www.deanbank.com\/resources\/financial-resources\/couples-divide-and-conquer-financial-responsibilities\/","title":{"rendered":"Couples: Divide &amp; Conquer Financial Responsibilities"},"content":{"rendered":" <div class=\"page-header-simple section-bg-blue \"> <div class=\"container\"> <nav id=\"breadcrumb\" class=\"breadcrumb\" aria-label=\"Breadcrumb\"><span><span><a href=\"https:\/\/www.deanbank.com\/\">Home<\/a><\/span><\/span><\/nav> <h1 class=\"title\">Couples: Divide &amp; Conquer Financial Responsibilities<\/h1> <\/div><\/div>\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\"> <div class=\"block-product\"> <div class=\"product-container\"> <div class=\"content\"> <div class=\"body\"> <p>If you and your spouse are like most couples, you have clearly defined roles in your household. You know who\u2019s responsible for taking out the trash, cooking dinner and doing the laundry. But who\u2019s responsible for managing your household\u2019s day-to-day finances and investments?<\/p>\n<p>The Hartford Financial Services Group, Inc. and the Massachusetts Institute of Technology\u2019s Age Lab interviewed 837 pre-retirees and retirees to explore couples\u2019 approaches to financial planning. Researchers discovered that participants fell into one of four financial management styles:<\/p>\n<ul>\n<li>17% were \"drivers\" \u2013 the dominant financial manager;<\/li>\n<li>19% were \"passengers\" \u2013 minimally involved or completely hands-off;<\/li>\n<li>53% were \"joined at the hip\" \u2013 shared all aspects of financial management; and<\/li>\n<li>11% were \"divide and conquer\" \u2013 took the lead on some aspects of financial management, and played a secondary role on other aspects.<\/li>\n<\/ul>\n<p>While the \"joined at the hip\" strategy might seem to be the most effective based on its definition, researchers found that the \"divide and conquer\" strategy is, in fact, the most effective approach to managing household finances. With this strategy, each spouse takes on part of the overall financial responsibility, and clearly communicates that role to the other spouse. Researchers found that one spouse handled the day-to-day finances, such as bill-paying, and the other managed the financial planning and investing. These couples were most likely to have prepared a contingency plan to assure the financial security of the surviving spouse after the death of the other. These couples also stood out as better savers (38% had saved $750,000 or more) and reported greater happiness in retirement.<\/p>\n<p>You don\u2019t have to change your current financial planning style, but it\u2019s important that you apply what made \"divide and conquer\" couples more successful. Be sure to communicate effectively with your spouse, use a financial advisor to develop the best financial planning style for you, and work with your spouse to form answers to these three important questions:<\/p>\n<ul>\n<li>How would the death of one spouse affect the survivor\u2019s income?<\/li>\n<li>How would a healthcare crisis affect your assets?<\/li>\n<li>How prepared is the surviving spouse to manage the household finances when one spouse dies?<\/li>\n<\/ul>\n<p>Regardless of what strategy you\u2019re currently using (or hope to use), make sure your financial plan incorporates the answers to these questions. Revisit your financial planning style over time with your spouse, and work closely with your advisor to make any necessary changes. You\u2019ll no longer have to question who\u2019s in charge of what, and you\u2019ll have a good handle on your day-to-day finances and investments.<\/p> <\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"> <section role=\"search\" aria-label=\"Search Area: How Can we Help?\" class=\"mod-help\"> <div class=\"help-container\"> <h3 class=\"title\">How can we help?<\/h3> <form id=\"sidebar-search\" method=\"GET\" action=\"\/search\/\"> <label class=\"visuallyhidden\">Search our site<\/label> <input type=\"search\" name=\"search_key\" class=\"help-search-input\" placeholder=\"I want to...\" \/><button class=\"help-search-submit\"><img decoding=\"async\" src=\"https:\/\/www.deanbank.com\/wp-content\/themes\/dcb-theme\/images\/ico-sidebar-search.svg\" alt=\"Submit Search\"\/><\/button> <\/form> <\/div><\/section> <section aria-label=\"Related Products and Services\" class=\"nav-related\"> <h3>View our Products & Services<\/h3> <!-- Menu: 3 --><!-- Menu Name = 3 --><!-- Base ID = 775 because base is 775 --><nav class=\"menu_nav cm_3\" aria-label=\"Financial Resources Menu\"><ul><li class='item_spot_105 expanded  not_current'>\r\n                            <!-- Base Parent ID = \/resources\/financial-resources\/substitute-checks-your-rights vs \/wp-json\/wp\/v2\/pages\/1133 --><a target='' class='' data-nav-item-id='substitute-checks-and-your-rights' data-nav-item-parent-id='775' href='\/resources\/financial-resources\/substitute-checks-your-rights\/'>Substitute Checks and Your Rights<\/a><\/li><li class='item_spot_106 expanded  not_current'>\r\n                            <!-- Base Parent ID = \/resources\/financial-resources\/foreclosure-rescue-scams vs \/wp-json\/wp\/v2\/pages\/1133 --><a target='' class='' data-nav-item-id='foreclosure-rescue-scams' data-nav-item-parent-id='775' href='\/resources\/financial-resources\/foreclosure-rescue-scams\/'>Foreclosure Rescue Scams<\/a><\/li><li class='item_spot_107 expanded  not_current'>\r\n                            <!-- Base Parent ID = \/resources\/financial-resources\/check-fraud-fbi-alert vs \/wp-json\/wp\/v2\/pages\/1133 --><a target='' class='' data-nav-item-id='check-fraud-fbi-alert' data-nav-item-parent-id='775' href='\/resources\/financial-resources\/check-fraud-fbi-alert\/'>Check Fraud - FBI Alert<\/a><\/li><li class='item_spot_108 expanded  not_current'>\r\n                            <!-- Base Parent ID = \/resources\/financial-resources\/couples-divide-and-conquer-financial-responsibilities vs \/wp-json\/wp\/v2\/pages\/1133 --><a target='' class='' data-nav-item-id='couples-divide-conquer-financial-responsibilities' data-nav-item-parent-id='775' href='\/resources\/financial-resources\/couples-divide-and-conquer-financial-responsibilities\/'>Couples: Divide & Conquer Financial Responsibilities<\/a><\/li><li class='item_spot_109 expanded  not_current'>\r\n                            <!-- Base Parent ID = \/resources\/financial-resources\/top-10-retirement-planning-mistakes-to-avoid vs \/wp-json\/wp\/v2\/pages\/1133 --><a target='' class='' data-nav-item-id='top-10-retirement-planning-mistakes-to-avoid' data-nav-item-parent-id='775' href='\/resources\/financial-resources\/top-10-retirement-planning-mistakes-to-avoid\/'>Top 10 Retirement Planning Mistakes to Avoid<\/a><\/li><\/ul><\/nav> <\/section> <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":0,"parent":1119,"menu_order":44,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"links_old_site_id":[],"class_list":["post-1133","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Couples: Divide &amp; Conquer Financial Responsibilities - Dean Bank<\/title>\n<meta name=\"description\" content=\"Review tips on successfully sharing the financial management responsibilities in your household. 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