How are all the elements related? That’s the first doubt that may appear after reading the statement, and we will try to explain it here, from a financial point of view but also with a lot of love.
A new survey conducted in November 2022 in Quebec by the CSF (Chambre de la Sécurité Financière, Chamber of Financial Security) – of which I am also a member – reveals that while Quebecois are pretty comfortable talking about money with their spouses. However, many factors can create problems when balancing Love and Money. (link).
“This survey tells us that 90% of respondents are comfortable discussing investments and debt with their spouses, which is excellent news,” says Marie Elaine Farley, CSF President and CEO, before pointing out the following paradox: “It is surprising to learn that half of the respondents have never thought about the consequences of separation and 74% have never discussed the topic with a financial security advisor.
* If you are in this position, why wait if you already have someone to ask? Schedule a free consultation NOW. FREE. *
Some of the key findings include the following:
– 57% of people living as couples pool their income for daily living, a proportion that rises to 70% among couples with a similar income.
– 63% of women said they earn somewhat or substantially less than their partner, while 27% of men do the same.
– About half (52%) said that only one person is involved with financial planning. This proportion is even higher in couples where one spouse earns more than the other.
Note: One of the objectives of our work is to secure families financially, initially in the immediate present. All these issues are discussed openly with both spouses.
– Saving for retirement is mainly done individually (46%). Only 29% of people in a relationship save for retirement with their partner.
Note: Several retirement plans can be used to meet this objective, always adjusted to the family’s needs.
– One-fifth (1/5, 20%) of Quebecois have nothing saved for retirement.
Note: Unbelievable, how is it possible, how crazy, even more in these uncertain times. DO NOT WAIT TO SCHEDULE AN APPOINTMENT, totally free of charge, if you are in this situation. In case of debts, it is also our responsibility to help you.
– More than a quarter (27%) in a relationship reported deliberately and secretly putting money aside without their partner’s knowledge. This behavior is much more frequent (56%) among financially comfortable people.
Note: While this is not frowned upon in general terms, another of our functions is to pave the way for this not to happen by teaching some financial planning methods.
– Personal debt is a substantial cause of anxiety, which worsens when income levels differ. Nearly 6 out of 10 spouses (57%) feel stressed because of personal debt, and 41% feel anxious because of their partner’s debt. Anxiety levels are higher among affluent people and people earning less than their partners.
Note: Our main objective is eliminating stress and anxiety in personal or family debts using healing debt mechanisms; this is our primary slogan: we work so that you and your family can sleep peacefully with a secure present and future.
We have talked about Love and Money in the heart of a family and how even when everything seems to be going well for the Quebecois, some ghosts lurk to make their presence known when least expected.
This approach can easily be extended to any society anywhere in the world; even though our certification is valid only for North America, what we teach can be used anywhere at any time.
Getting to the post-nuptial part, many will think I’m making up the word when I’m not. Laughs.
Whether or not a couple signs a prenuptial agreement, it may be the case later in the marriage that a postnup is necessary. Therefore, preparing for these agreements opens an avenue of communication between couples.
What situations may occur to make a postnup necessary?
For example, married couples may need to adjust the prenuptial they signed; they want to be sure that the new terms are based on situations that happened later in life.
Changes in marital dynamics can trigger changes in prenuptial agreements; e.g., couples did not anticipate that one spouse would start earning significantly more than the other; it can also appear when the team is contemplating divorce but is still trying to work on the relationship.
There are generally two types of people who find this helpful tool. The first is mature-thinking spouses who need better communication around finances, especially late in life. The second type includes spouses who need a way to adjust to something that went wrong in the marriage. The post-nuptial can be aimed at remedying the bad financially, rebuilding the relationship, and showing good faith.
It is a process that requires time, energy, and participation. However, it is a tool for learning more about each other.
In a previous article, I mentioned that I was not an expert in love matters, but I can help save or recover a relationship, financially speaking. Laughs.
Another census conducted by Statistics Canada details some points related to divorce in modern times. (link)
– The number of divorces recorded in 2020 (42,933) was the lowest since 1973.
– Barriers to accessing court services during the covid-19 pandemic contributed significantly to the decrease in divorce applications and approved divorces in 2020.
– The decline in the divorce rate since 1991 is linked to the aging of the married population.
– Nearly one-third (32%) of divorces result from joint petitions by both spouses.
– In 2019, Canada had the second lowest level of abrupt divorces among the G7 countries.
Even though these figures are encouraging, there is still room to work on smoothing out possible financial differences between married couples or couples living together.
Love, Money, Post-nuptial, and Divorce. I hope to shed some light on how these concepts relate to each other for a better approach to a financially secure present and future for you and your family. And we can all sleep better with whomever or whomever we have by our side.
Note: All pronouns and adjectives will be used in the masculine form for editing purposes.