When it comes to financial planning in a relationship, we rarely see partners who divide money management equally between the two of them. Instead, what tends to occur is that one partner pays the bills and balances the budget while the other focuses on managing the investments.

It’s an excellent thing to have both halves of a partnership involved with financial planning, but it’s also important that both members of a relationship are involved in all aspects of money management.

If only one partner manages the finances, it can leave the other in a bind should anything happen. The surviving partner will suddenly be thrust into the alien situation of being responsible for paying the bills, reviewing asset allocations and handling the annual tax return. This can create a difficult environment for that surviving partner.

That’s why you and your partner need to take part in financial planning together. Here are four important issues you two should be aligned on.

Money Management

As we touched on earlier, couples tend to divide money issues into two categories: day-to-day expenses and longer-term savings. It’s important to make sure you are both jointly managing both of these money issues to ensure you’re aligned on your household budget and on the goals that you’re saving money for. Talking about your finances on a regular basis can also help you avoid a conflict about money, causing unneeded stress in your relationship.

Emergency Planning

Emergency planning contains two important elements. First, you should have some assets available to help cover unexpected costs that may otherwise upset your budget. This should be a rainy-day account containing 3-6 months’ worth of living expenses in a savings or other liquid account to pay off unexpected costs that arise. The second element, insurance, may protect your family (life insurance), your property (property and casualty insurance; homeowners insurance) or your income (disability insurance). Work with your financial advisor to review your insurance coverage to see whether you have the proper amount of coverage.

Planning for Retirement

There are many false assumptions about retirement that can cause you to underestimate how much you’ll need to save. Your spending may not be lower in retirement than it was during your working years. Your housing costs may not be significantly lower after paying off your mortgage. You won’t necessarily be paying less in taxes once you retire than you did while still working. Don’t let you or your partner fall prey to these misconceptions that could leave you vulnerable in retirement.

Improving Life

Financial planning is incredibly important, but don’t overlook life’s special moments. Whether you want to see Europe, take some cooking classes or see live music and theater, make sure you plan for the present so that life doesn’t pass you by.

To key to any retirement plan for those in a relationship is communication. Talk with your partner and make sure you’re aligned on your goals and the strategies you’re using to help you reach them.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Please consult with your advisor about your specific situation.

This article originally appeared on February 14, 2016 in the Brainerd Dispatch. You may view the article here.