Do You Know Your Family Finances?

I have a lot of friends who do not know (or do not want to know) anything about their family finances. This has always been a concern of mine as we all know things happen in life and the worst time to start trying to muddle through a family balance sheet is when shit hits the fan.

Whether it comes in the form of a death of a partner or spouse, a disability, an illness, an affair or a divorce it is always an unwelcome sudden change of events.

Coming from the world of finance in which I spent many years managing money for clients, I saw all sorts of things. It was not uncommon for some clients to keep secret bank accounts and credit cards from their spouses. Believe it or not I even managed accounts (and some mortgages) for some husbands who held them jointly with a mistress.

When disaster struck, I would be on the receiving end of emotional anguish typically coming from the wife’s side. She would be blindsided trying to muddle through the family’s investment, loan and mortgage statements trying to make sense of everything. I would have to be the bearer of bad news when for the first time she needed a credit card or a loan in their own name and I had to share the unwelcome bit about them not having any credit history. Newsflash, being a secondary card holder on your spouse’s credit card does not qualify as credit history.

Because of what I witnessed at work, I have always encouraged my girlfriends to take stock (literally!) of what their family owns and owes. I would encourage them to make sure they are jointly listed on everything they are entitled to be listed on. To insist on reviewing credit card and loan statements. To know their mortgage balance, how much the monthly payments are and when the monthly payments are. To have first-hand knowledge of any investments and where they are held not only personal investments they have made as a family but also investments held through places of employment. One should also know about any partnership agreements held through a spouse’s place of employment and what type of payout would occur in the event of a death or disability. It needs to be better understand that partnership agreement payouts are treated as joint assets in the event of a divorce.

It is very important to know how to reach any professional advisors your family works with if needed and maintain relationships with them, from bankers to lawyers to accountants, insurance and financial advisors. It is important to protect yourself in the event of the unknown. Another word of advice – keep a file of all statements and important contact information and put it somewhere you will remember.

It can often be overwhelming to peak behind the curtain and see what your financial situation looks like. I can assure you from personal experience stemming from both my career in finance along with being an uncomfortable witness to multiple girlfriends who have found themselves in the devastating position of trying to put their financial life together after divorce or the death of a spouse, that it is much easier to do this before you are left without an option.



Leave a comment

Please note, comments must be approved before they are published

Join Our Community

Receive exclusive wellness + advocacy resources to support your journey


Follow Us

Popular Posts

you might also enjoy

Have you been told you have low iron?

Iron deficiency anemia affects 1.2 billion individuals worldwide, and iron deficiency in the absence of anemia is even more common.  Knowing so many people suffer from this deficiency, it's important to increase your awareness and stay in tune with your body so that you can make simple adjustments to avoid any lasting impact.

you might also enjoy

My Path To Homeopathy

Thus began my quest to immerse myself in learning everything I could about alternative health. I read every book I could get my hands on, and started an enlightening journey with a myriad of alternative health treatments and modalities. I've written a lot about my initial journey into wellness and many of those alternative health treatments. Each one taught me something and informed my understanding of whole health. 

you might also enjoy

Tissue Salt #11 - Sodium Sulfate

Sodium Sulfate or Nat Sulph is a water eliminator and a deficiency of Nat Sulph will lead to an excess of water. Nat Phos which we discussed earlier, is a water distributor and these two tissue salts work well together. Nat Sulph is extremely effective in treating malarial fever as it helps remove the excess water from the blood which is where the malaria bacteria breeds. 

you might also enjoy

Polycystic ovary syndrome (PCOS)

Polycystic ovary syndrome (PCOS) is considered a chronic inflammatory condition that affects hormone levels. The ovaries are responsible for producing androgen hormones, and when androgens are produced at optimal levels, follicles remain healthy leading to a normal ovulatory process.

you might also enjoy

Deciphering Food Labels

Label reading can be daunting. And time consuming. But I promise that deciphering the ingredients on labels is well worth it to make sure the healthy meals you're cooking aren't sabotaged by ingredients from canned, boxed or jarred goods.

you might also enjoy

Breath: The New Science of a Lost Art. A Review.

Are you a mouthbreather or do you breathe through your nose? Breath: The New Science of a Lost Art by James Nester sheds light on why we should only be nose breathers. Humans have lost the ability to breathe correctly, with grave consequences. 

Recently Viewed