It is no secret that the death of many relationships has been issues surrounding money, in one form or another. One of the easiest ways to avoid this possible canker is simply to communicate. I know it is easier said than done, but having good, strong partners by our sides will undoubtedly motivate us accordingly. It doesn’t matter if you are engaged, newly-weds, or 10 years into the sentence (joke), open discussions are always best to ensure that a sound financial plan is charted.

We all have different habits and risk tolerances, so flushing those out as early as possible is always wise. Invariably, couples’ goals include either buying a home, saving for retirement, planning for their children’s education, or all three.

Of course, sprinkled in the mix is managing monthly expenses and the like. With all that said, one of the most crucial things for couples to single out is their disposable income.

The “their” there wasn’t used loosely, either. If a couple isn’t viewing themselves as a singular unit, where investing is concerned, it is highly probable that it will be much harder to achieve any goals together. As such, when pen hits paper, the collective disposable sum on a monthly basis must be determined. No plan can be constructed without having that piece of information, full stop.

Of course, there has to be room for independence. Without digressing into the realms of psychology, each person must maintain their own financial identity; it is critical for both the individual and the relationship as a whole that this be agreed upon, as well.

Let us start with the basics; division of the monthly expenses. As trivial as this may seem, a huge part of the investing approach hinges significantly on how couples tackle this often slippery component of living together. If couples get this part right, without any hints of resentment, chances are, the investment trail ahead will be devoid of unnecessary pitfalls.

I am sure all can agree, if the so-called smaller things (such as monthly expenses) cannot be managed effectively without ‘fighting’, then clearly, the bigger things such as investing to buy a home will be improbable.

Equally improbable is the likelihood of both partners earning the same. So, how should a couple divvy up the bills? If they are split 50/50, the one who earns less may feel unfairly burdened, for obvious reasons. They will feel as though they are carrying a disproportionate weight relative to their income; the reverse is also true.

A fair approach can be struck by looking at it in a relative sense. Each partner could contribute based on their income. Let us use a simple example to illustrate. If Partner A earns $60, while Partner B earns $40, Partner A should assume responsibility for 60 per cent of the expenses, with Partner B tackling the remaining 40 per cent. In a relationship characterised by kindness and goal-sharing, this approach should be viewed as totally fair for all involved. After all, it’s for the team.

After that aspect has been settled on, the next thing to visit should be the investment policy. At this juncture, investing as a couple is practically the same as investing as an individual, in a manner of speaking. Goals have to be set, risk tolerances have to be determined and asset allocation has to be decided on. The “C” word comes into play again. Both partners must communicate and agree on what the terms of the investment policy will be.

What frequency will funds be invested on? What constraints will be in place to guide decisions? What will be the asset allocation strategy? How often will the portfolio be reviewed? Critical in all of this is speaking to a licensed investment advisor, who can give guidance specific to the couple’s appetite for risk. Stocks, bonds, commodities, precious metals, sovereign debt; the investment options are as wide as they are numerous.

There is a myriad of asset classes available for any level of risk tolerance, so finding a tailor-made fit will not be a problem at all.

In closing, it is strongly advisable that couples educate themselves as much as possible about the investment arena. Building a future should be taken very seriously and as such, warrants not only an investment of funds, but also an investment of self. Besides, why wouldn’t you want to be absolutely intimate with what is happening with your hard-earned funds? All in all, working on goals together can be a very rewarding journey, let alone when the goal is achieved.

With candid talks, research-driven advice, careful planning and a steadfast commitment to working together, couples can achieve any investment goal they set their sights on. So visit your financial advisor and get them dollars working!

Ryan McMorris is general manager at Dolla Financial Services Limited.