Share the Knowledge: What You and Your Spouse Should Know About Finances
In most households one spouse manages the bills and the assets, however it is important that each spouse has general knowledge about the finances.
When it comes to tax time each spouse should have a list of assets. The best way to achieve this is to have an open discussion about items that each of you have of value. This can help you divide assets appropriately in the event that you all plan to file separately.
It may be best to start with financial accounts such as 401(k)s, individual retirement accounts, brokerage and checking accounts. Include where the accounts are held and whose name is on what account. Insurance policies should be added and indicate who has paid the premium.
Once you have gathered these things experts recommend valuing physical assets such as your house, car, or boat.
In the event that something happens in which the spouse who is mainly in charge of tax filing or household finances is unable to fulfill this world, the other spouse will be equipped to help.