3 Tips to Protecting Your Spouse

Insuring Their Preparedness If the Unexpected Happens

Every month, or so, I find myself doing a self check. It could happen as a result of something I watch on TV, reading a tragic news report, or simply having the empty house to myself for any period of time. I ask myself, “If for some reason my husband was incapacitated, or no longer with me, do I have all the information I need to handle our financial obligations and business transactions?” If the answer is yes, then I continue to do whatever I was doing with a sigh of relief. If the answer is ever no, I tell my husband I am just not feeling like I am on top of everything, and we run through everything again… and again until I feel comfortable.

In the hustle and bustle of our everyday lives, it isn’t uncommon for one spouse to take control of the household finances. It seems it’s even trendier for couples to split the financial responsibilities along with keeping their bank accounts separate. Either situation calls for detailed dialogue and total disclosure because in most cases, under the law, financial obligations fall to the spouse, even if they are not directly involved at the inception of the commitment.

Here is a list of some of the common items that both parties should be privy to in case of the unexpected:

1. Usernames and passwords – Since most people do transactions online it is vitally important that our spouses have a list of our various usernames and passwords for any financial or business accounts. Many banking institutions also use security questions as an extra security measure, so please make sure to add answers to these as well to that list. Not all spouses know the name of their significant other’s third grade teacher! Also, many computer savvy people use hard/flash drives that are password protected, do not overlook providing passwords to these kinds of security measures as well.

2. Safe combinations and/ or keys – In the case of a combination safe, the surest bet would be to make the combination extremely difficult and do drills so that it becomes second nature. Picking a spot for a key for a safe or safety deposit box should be something done wisely and together.

3. Important documents – However and/or wherever you choose to store your important documents, the most thoughtful thing a spouse could do is leave them in an extremely organized manner with clear instructions (if needed) with what needs to be done with them. Whatever situation leads the other spouse to take care of that business now would surely be an unpleasant one, and trying to sort out a mess certainly wouldn’t help the situation at all.

Consider car, health, or life insurance – we invest our money in these things in case something unexpected happens. In this same way, it is important that we invest time to thoughtful planning and communication to ensure our loved ones the least amount of stress, confusion, and financial mishaps in case something unexpected happens.

What are some of the preparations you would add to this list in case of such an emergency?

How often should matters like this be discussed in a marriage?

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