The assumption that catches couples off guard
You’re in a committed relationship. You share a home, maybe kids, definitely a future together. So naturally, you share finances too, right?
Not necessarily. And that’s perfectly fine.
What’s not fine is when couples assume they’re on the same page financially, only to discover during a crisis or major life event that the arrangements they thought were in place simply don’t exist.
This isn’t about judgment. The choices couples make about money are deeply personal. Our job as advisers is to help you maintain control over your finances the way you intend, and to ensure there are no surprises or unintended consequences.
The many faces of financial partnership
We work with couples across the spectrum of financial arrangements. Some pool everything. Others maintain complete independence. Many fall somewhere in between.
Here’s what we see regularly:
Complete independence. Separate bank accounts, separate investments, separate everything. Each partner handles their own financial affairs entirely.
Mostly independent. Separate accounts, but joint contributions to mortgage payments, household bills, or specific savings goals. The rest stays separate.
Mixed arrangements. Everything appears independent on the surface, but they’re jointly building wealth through shared structures like trusts or property held in one name.
All of these models can work beautifully. The question is whether the practical and legal reality matches what both partners expect.
Where the gaps appear
Here’s where things get complicated, and where we often see couples caught off guard.
Property in one name. You’ve lived together for years in a home that’s legally owned by your partner. If they die without proper planning, that property might flow through their estate to children from a previous relationship or siblings. Suddenly, you’re facing the possibility of needing to find somewhere else to live.
Superannuation and insurance. Your super is likely your most valuable asset, especially with life cover attached. But here’s what many people don’t realise: super is a non-estate asset. It doesn’t automatically get handled by a will. Without proper estate planning, death benefits could go to an ex-spouse, adult children, or someone you never intended. The surviving partner might receive nothing, despite decades of building a life together.
Tracking contributions in shared assets. You’re both contributing to building wealth in a family trust or joint property. But if you’re not keeping clear records of who contributed what, you’re setting up potential disputes or tax complications down the track. Getting your accountant to maintain proper beneficiary loan accounts isn’t optional; it’s essential. Those low-cost tax-only returns might save money now, but they can create expensive problems later.
DIY estate planning. A lawyer once told our team they toast will kits at their Christmas party each year. Why? Because DIY wills create estate problems that become their bread-and-butter revenue. Professional estate planning with proper advice costs more upfront, but it actually delivers what you intend.
A real scenario (names changed)
We recently sat down with a young professional couple. Both are experts in their fields. Smart, capable people.
They’d been operating under what they described as “complete financial independence.” Separate accounts, separate investments, each managing their own affairs.
But as we dug deeper, we discovered they were jointly building an asset within a trust structure. They had equal control over this trust, but they weren’t tracking individual contributions. They also hadn’t considered what would happen if one of them died. Who would inherit what? Would the survivor maintain control? Could adult children from a previous relationship claim a share?
These aren’t comfortable questions. But they’re necessary ones.
The outcome? We helped them put proper structures in place. Clear records of contributions. Estate planning that reflects their intentions. Insurance arrangements that protect both of them. The relationship stayed independent where they wanted it to be, but with proper safeguards where it mattered.
Why smart people need advisers
Both of these clients are accomplished professionals. They’re experts in their fields. They’re perfectly capable of researching financial topics online and making informed decisions.
So why work with an adviser?
Because expertise in one area doesn’t automatically translate to expertise in another. A brilliant marketing consultant doesn’t need to become a financial planning expert any more than we need to become marketing consultants.
What they valued was someone who could:
• Ask the questions they hadn’t thought to ask
• Spot the gaps in their arrangements
• Navigate the complex intersection of tax law, estate planning, and superannuation rules
• Provide clarity on what their current situation actually meant
• Help them maintain control the way they intended
That’s the value of advice. Not doing something for you that you can’t do yourself, but ensuring you don’t miss something critical that you didn’t know to look for.
The conversation you need to have
If you’re in a relationship, regardless of how you’ve structured your finances, these questions matter:
Do you both understand who legally owns what assets?
If one of you died tomorrow, would your estate arrangements deliver the outcome you both expect?
Are you keeping proper records of financial contributions to shared assets?
Have you reviewed your superannuation beneficiaries recently?
Does your will actually reflect your current relationship and intentions?
These aren’t questions you need to answer alone. And they’re certainly not questions where a $50 online will kit will give you the peace of mind you deserve.
The Collins SBA approach
We work with all kinds of couples and arrangements. We’re not here to tell you how to structure your finances. That’s deeply personal and entirely your choice.
We are here to ensure your arrangements work the way you expect them to. To spot potential problems before they become actual problems. To help you maintain the control you want while protecting the people you care about.
Tell your story once. We’ll listen carefully, ask the right questions, and help you build clarity around what you have, what you want, and how to bridge any gaps.
Ready to talk?
If you’re navigating financial arrangements as a couple, whether traditional or modern, we’d be happy to discuss how to ensure everything works the way you intend.
You can contact Peta or Caitlyn at reception@collinssba.com.au to arrange a time to chat.
