First Comes Love, Then Comes Finances

Provided by the Hardee Investment Group and RBC Wealth Management –

Love is in the air. Pretty pink and red items adorn store shelves. Pop up tents in grocer parking lots appear full of roses, chocolates and stuffed teddy bears once again. Tis the season for love. I’m fairly confident there will be plenty of proposals on and around Valentine’s Day. First comes love, then come marriage, then comes blending finances. And this may have some seeing more red than they wish.

More often than not, households divide financial responsibilities. While there is absolutely nothing wrong with doing this, there’s one task both of you need to be on the same page – wealth management planning. Doing this together ensures both partners have equal input into managing family finances. It’s unfortunate the number of times I’ve encountered a situation where a widow comes to me seeking financial guidance but doesn’t have the slightest clue how her husband handled the investments.

Tackling your finances together means making sure that both partners are on the same page. It may sound pretty basic, but start by talking about your cash flow. You should both know how much money is going out and how much is coming in.

Next, look at your debt. If only one of you is making the financial decisions, the other person may not even know what you owe in debt. Break down the debt and look at ways to reduce it. This should be a top priority – especially if you have children. Do you want to leave them a nest egg or a financial burden?

One of the most crucial aspects of wealth management planning as a couple is making sure you both know where all of your important documents are located. While you may not want to think about the “what ifs,” not knowing where financial records are could cause a big headache if a crisis were to strike. Consider keeping your important financial and legal documents in a safety deposit box. You should also make sure that others, such as an attorney, your children or even your financial advisor, know where these documents are located.

When you’re rounding up your important papers, it’s also worth your while to check all of your assets that require a beneficiary. Who are the beneficiaries of your life insurance policies or your retirement plans? Do you even have a beneficiary listed? Are these documents all up to date? Remember to review your wills and trusts as well. If you don’t have a will, you should strongly consider getting one. Remember, when you fail to plan, you place the burden on the ones you love most.

While tackling your finances as a couple may bring up some tough questions, it should ultimately give you peace of mind. Even if one person in the household takes on the responsibility of saving, investing and paying the bills on a regular basis, both partners should feel better knowing that they understand the family’s overall financial situation and that important financial decisions are being made together.

Tired of trying to self-manage your family’s portfolio? Let the Hardee Investment Group help give you peace of mind. We understand simple and complex financial issues and often develop creative solutions to these problems. Our five member multigenerational team is set up to help you, your children and your children’s children achieve the financial future you’ve dream of for yourself and for them. Call us at 713-853-0879 or visit us online at We look forward to hearing from you.


The views presented herein are solely those of H.H. “Will” Hardee, AWM, Senior Vice President, Senior Portfolio Manager- Portfolio Focus, and do not necessarily represent the views of RBC Wealth Management. Clients should work with their Financial Advisor to develop investment strategies tailored to their own financial circumstances. Past performance is no guarantee of future results. The name Hardee Investment Group refers to a group of Financial Advisors working in the Houston, Texas office of RBC Wealth Management. The Hardee Investment Group is not a separate legal or corporate entity. All services offered and all memberships referenced in the presentation refer to the services offered or registrations held through RBC Wealth Management. RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC.