Hello, this is James Mayer, Branch Manager, from the Huffman Mayer Paolo Wealth Management group of Wells Fargo Advisors. 

Hello there James Mayer, wanted to talk a little today about money management between spouses.

I found over 25 -26 years, certain people handle their personal finances between spouses differently.

Some people use a Joint account.

Some people have yours, mine, and ours.

Some people go completely separate, split the bills in a certain way. Everybody maintains their own checking account. Savings is completely done independently.

I’m not here to say any way is wrong or right. What I am here to say is we look at building an investment plan as a team and no matter how you want to save or manage your cash flow or checking accounts/savings accounts, my money/your money/our money. You need to have that on the table, transparently, showing what our goals are, how they work together, and specifically working towards that end result.

Quick thoughts, no way is right, no way is wrong.

But communication is the key.

Build a plan for retirement

Review it often

Make changes when necessary

Make sure your spouse and yourself are on the same team.