Adair, the President-elect of the New York State Society of CPAs, said too often couples avoid talking about personal finances, dismissing the topic as unromantic. But financial stresses can quickly destroy a relationship, especially if one partner has been audited, owes unpaid taxes or failed to file a tax return.
Adair offered these suggestions for couples:
1. Make a date with your loved one to talk about money to establish mutual goals
2. Be transparent about having separate checking accounts, avoid keeping financial secrets
3. Make a "what you need to know list" that your loved one can reference in case of an emergency, including accounts, numbers and passwords
4. Do what is necessary to provide for your significant other in the event something happens to you - have adequate life, disability, medical and long-term care insurance, no matter your age
5. Consult a CPA expert to facilitate the conversation and assist with life and business planning
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