Financial Perspective – How to manage income disparity with your life partner
Sound financial planning can be instrumental in keeping your relationship sweet, especially if the income gap between you is substantial.
Your respective financial situations probably aren’t top of mind on the day you decide you want to share your life with someone special. But did you know that, according to some studies, money matters can be the main source of conflict for couples?
Here are a few things to consider if you want to enjoy a healthy romantic and financial relationship in your home.
How do things stand?
First, a little context. Based on the latest census by Statistics Canada, couples where one spouse earns significantly more than the other are far from the exception. As the following graph shows, the median income of the higher-earning spouse represents approximately two thirds of the total median income for couples…