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1. Delegate action but share responsibility

It's not unusual for one spouse to play the primary role in managing the finances, but it is critical that both are involved and aware.  Make sure both are involved.  If one has more knowledge, it is their responsibility to teach the other.  Be certain you can clearly articulate all assets and liabilities and locate the necessary back-up documentation. 

Don’t hide spending from each other.  Don’t hide assets or liabilities from each other.  While some decisions may be delegated, major decisions must be agreed on beforehand.  I recommend setting a limit over which purchases must be discussed, e.g. $30. This limit may increase as the value of your assets and income increase.  Remember that managing the various dimensions of your partnership is a shared mutual responsibility.  If both of you are not on the same page financially, help each other learn about financial responsibility.  Teach your spouse: if you are ever unable to meet your finanical responsibilities, your spouse will have to do the work.


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