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Communication is essential in any relationship, and that includes being able to talk about money. In a BMO Financial Group study, Canadians cited conflicts over finances (68 per cent) as the primary reason why a couple might divorce; ahead of infidelity (60 per cent) and disagreements about family (36 per cent). Money has the potential to be a source of tension and conflict for any couple, regardless of their net worth.
If you’re having difficulty getting the conversation started with your partner, here are a few publications to help prepare you for your next financial discussion:
Listen to The Wealth Experience: BMO Wealth Management Podcast Series, On-boarding with Intent
episode to listen to Ruth Steverlynck and Peter Vaughan discuss the ins-and-outs of family on-boarding, and how a formal approach can sometimes make the process more efficient and successful for everyone involved. Ruth and Peter are the principals and co-founders of Your Family Enterprise Advisors Inc.