At Henssler Financial, we feel it is important that each spouse maintain their own checking account and manage their own investment accounts; however it is important that they establish core values that blend together, rather than conflict with each other.
We feel a husband and wife should be allowed to manage their own money the way they desire. We feel it is important for men and women going into a marriage to have individual funds and an individual approach to investing, provided they come together on their long-term goals.
The most important aspect is to set what long-term goals are. Once that is determined, there is no reason that the investment approach needs to be the same. Often couples find that they have different risk tolerances, differing fundamental investment philosophies and will use investment tools in their own way. However we feel it is important that a couple cooperate in the sense that it they still view their wealth as “their money” once they retire and reach their goal.
Each spouse can maintain a separate checking account and direct his or her own investment account provided that they have determined the fundamental core values are the same. One cannot be a huge spender while the other is a huge saver. There needs to be a meeting of the minds, and we suggest using a financial adviser as an intermediary. If a couple has a trusted adviser to guide their wealth toward a common goal, it generally does not matter if one spouse invests more conservatively or aggressively in the end.