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One spouse or partner in a relationship balances the checkbook and pays the bills. The other is in charge of investments. They communicate about household finances and ask three essential questions:

•How will the survivor’s monthly income be affected after one of them dies?

•What will happen to their savings in case of a costly illness?

•Will the survivor be prepared to handle the finances?

This type of "contingency planning" — splitting financial duties so each partner can specialize in certain areas — is not too common but works out the best, a study says.

"Partners who practice a ‘division of labor’ approach to managing household finances reported notable successes that stood out from the other groups," said the study by the Hartford Financial Services Group and the MIT AgeLab, a research program at the Massachusetts Institute of Technology.

As financial planning has become more complex, "the couple has to be like a corporation and specialize," said Joseph Coughlin, director of the MIT AgeLab. Each spouse in the study took the lead in either bill paying or investing (the men more so the investing) "but they communicated and collaborated in both, and were the ones that did the most contingency planning, saved more and were more satisfied," Coughlin said.

Just 11 percent of couples fit this description, according to the Hartford/MIT Lab survey of 837 people between the ages of 45 and 74 who were married or living with a partner.

Most (53 percent) said both partners are involved in all aspects of financial management.

The other 36 percent reported that one spouse or partner is the dominant financial decision-maker easy payday loan. Of this group, the "drivers" (usually the men) handle the finances while the "passengers" (usually the women) are minimally if at all involved.

Sadly, I often get e-mails and letters from former "passengers" — mostly frightened, confused and vulnerable widows whose husbands "took care" of all the finances. After the husband dies, they have no idea what to do.

A trusted financial adviser can be a great asset to a couple.

"When the first spouse dies, there is a continuity of two people in that financial relationship still," said Maureen Mohyde, director of corporate gerontology at The Hartford. At a time when grief can be overwhelming, the surviving spouse does not have to deal with financial matters alone, she said.

But no approach will work without communication, and my e-mail tells me lack of communication is a frequent problem among couples.

"For 33 years, my husband and I have had absolute minimal discussion regarding our finances," a reader from California wrote. "I juggle all the bills while he stays blindly oblivious to my stress level."

I can only urge couples to try to prevent these problems before they flare up.

"Take off the rose-colored glasses and have serious conversations about money before making any lifelong commitments," said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling.

AskHumberto@aol.com

2008, TRIBUNE MEDIA SERVICES INC.

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