Americans today are living their lives differently than previous generations. According to a Pew Research Center analysis from 2021, more adults than ever before are living single, with a partner, or raising their kids outside of marriage. In general, people are getting married later—or not at all.

Second marriages offer an opportunity for a fresh start. Couples are given a chance to wipe the slate clean, learn from past mistakes, and experience love and happiness.They’re also given an opportunity to correct previous financial missteps, build a prosperous shared financial future, and leave a legacy behind for their children and beneficiaries.

Losing a spouse is never easy. In addition to processing the profound emotional impact, you and your family must address various financial issues. The challenge can be exacerbated when your spouse was the primary income earner or dealt with your finances independently. The greatest challenge is not to determine the "perfect" next steps to take. Rather, you must figure out how to grieve, process, plan, and grow—all in the context of this life-altering event. 

When we start a relationship with a significant other, their financial status isn’t likely our first concern. But before getting married, or even before getting engaged, it makes sense to take a pause and have some serious conversations about current finances–and future expectations.

When it comes to financial planning in a relationship, we rarely see partners who divide money management equally between the two of them. Instead, what tends to occur is that one partner pays the bills and balances the budget while the other focuses on managing the investments.