Episode 88: Do You Know What Your Spouse Knows About Your Finances?

Published October 26, 2026.

Does your spouse know enough about your finances to step in if something unexpected happens?

In this episode of Money Monday, Darren Devine, Financial Planner with Sun Life and President of Devine & Associates, explores an important question for couples:

If one spouse suddenly couldn't manage the household finances, would the other know what to do?

In many relationships, financial responsibilities develop naturally over time.

One person may handle the banking, pay the household bills, manage investments, speak with financial professionals or keep track of important documents.

That arrangement may work well for years.

But when illness, hospitalization, incapacity or another unexpected life event occurs, the spouse who hasn't been involved in those decisions may suddenly need to take over.

And knowing where to begin can make an already stressful situation feel much more manageable.

This episode explores several areas couples should understand together:
→  Banking and investment accounts: Where accounts are held and which financial institutions to contact.
→ Household bills and payments: Which expenses are paid automatically, which require attention and when payments are due.
→ Retirement income: Where pension, CPP, OAS and other retirement income payments come from.
→ Insurance coverage: What policies are in place and where important insurance documents are stored.
→ Financial professionals: Who to contact for financial planning, accounting, insurance and legal matters.
→ Estate documents: Where wills, powers of attorney and other important documents can be found.
→ Secure access: How important account information and access instructions are organized and protected.

Both spouses don't necessarily need to manage every financial detail equally.

But they should have enough information to understand their financial picture and know who to contact when help is needed.

A secure, organized system for storing important information can also make a difference.

That doesn't mean sharing passwords carelessly or leaving sensitive information where it could be compromised. It means having an appropriate, secure process for ensuring the right people can locate necessary information and obtain authorized access when needed.

Regular financial reviews can provide a valuable opportunity for both spouses to participate in conversations about their income, investments, insurance, expenses and future plans.

They can also help identify questions that may otherwise go unasked.
Financial preparedness isn't only about having the right accounts, investments or documents in place.

It's also about making sure the people who may need to step in understand the bigger picture.

A simple conversation today can help couples become better prepared for life's unexpected changes.

And sometimes, the best place to start is with one question:

If you had to take over our finances tomorrow, would you know where to begin?

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Related Money Monday Episodes

Being financially prepared as a couple involves more than managing investments and paying bills. Understanding important documents, knowing who to contact, preparing for unexpected events and making financial decisions together can all help protect your family's financial well-being.

These Money Monday episodes explore some of the practical planning conversations that couples and families should consider having before they're needed. 

Episode 31: Power of Attorney: What Most People Forget
A power of attorney can be an important part of preparing for a situation where someone is unable to manage their own affairs. This episode explores why planning for incapacity matters and what families should understand about this responsibility.

Episode 34: Choosing the Right Executor: What You Need to Know
Knowing who will handle important responsibilities after a death is part of being prepared. This episode explores why choosing an executor deserves careful consideration and why that person should understand the role they're being asked to take on.

Episode 57: Preparing Your Finances for the Unexpected
Unexpected events can create financial responsibilities that require immediate attention. This episode explores why having an organized financial plan, understanding your resources and preparing for life's uncertainties can help families navigate difficult transitions.

Episode 71: Why the Right Financial Team Matters More Than You Think
Financial planning often involves several professionals working together. This episode explores why knowing who is on your financial team—and understanding how they can help—matters when important decisions or unexpected circumstances arise.

Episode 82: What Happens to Your Finances in the First Year After Losing a Spouse?
Losing a spouse can bring significant financial changes alongside the emotional challenges of grief. This episode explores changes to income, household expenses, accounts and financial responsibilities, and why having trusted support can help during the first year.