I wonder how much money people have stuck in banks without anyone to claim it?
Whether you choose to manage your finances separately or combine everything or any other way you choose to deal with your family finances, you should share relevant financial information to avoid problems.
It’s common for couples to have one person handling the money but if the responsibility unexpectedly has to pass to the other person, it could be very challenging and lead to a major headache for the person now who has to deal with them.
Situations that require a spouse to take over the handling of family finances are quite stressful on their own, you don’t want them to deal with the additional issue of a financial difficulty – not because their is no money but they don’t know where it is or how to access it.
To make life easy for your partner, you need to get on the same page regarding the following among others:
➡️Account details – how to access them.
➡️Properties and investments – What is owned and where they are held.
➡️Income sources – How much is coming in and from where.
➡️Household bills – When they become due and how to pay them.
➡️Amounts owed – How much and to whom it’s due.