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MIKE GRENBY’S MONEY TOON

AT THE BEGINNING MY SOON IT BECAME
“EX” WOULD SAY “Wuat’s “wees MING \S AINE
MINE 1S YOURS ©

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Te Loo) ca o :

Seah

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age Goer
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AND FINALLY |
“ANWAT'S YOURS,
IS MINE Too “S

Stay informed, keep assets separate

“Hopefully by the time he
decides to marry, he will have accu-
mulated substantial assets,” she said.
“How can he protect what he has -
from a potentially greedy wife?

“A lot of my male friends tell
horror stories, including tales about
women who obviously entered mar-
riage as a way to get their hands on
a lot of money.” :
". G.M.’s second marriage has just ,

broken up. | -.

“I didn’t join my second husband
when he moved away,” she said,

. “because: (a) I didn’t want to give

_ up my pension plan; (b) most of my
‘income would have gone to help
pay his $1,400 rent and support his

;.tifestyle; and (c) when he retired, he
took the option that provides the

highest income but stops when he
dies, leaving re nothing.”

1 was impressed by her approach .

“to managing money.
“i, “In one year { reduced my mort-
gage to 20 years from 25 years and

twice in informal arrangements a
whereby my. income went to short-
term spending while my husband

"Was supposed to take care of ‘paying

Off the house ‘and retirement plan-_
ning. Now Tam starting again from:

scratch; at age ‘42. me
But when she asks ‘for advice on:

Aer
“ FRANK MAURO
Branch Manager ,:.
Financial Advisor
2925-5555

THY SAGER
Vice’ President ©

7" Financial Adviser. ~
925.5552 1.

hope | to get it down to 15 years this

“year,” she said. “My son is in pri-
. vate school — something I could ..

never have done if i still had a hus-
band (‘Costs too much’); He has a.

:: large bursary and to pay the balance,
‘Ltook in-a boarder... °°... a

“I don’t have a car. shop the

~ supermarket specials, brown-bag my’
‘lunch and buy my clothes at the’

Salvation Army. | have also become

FOM ANSI EY:
_ Financial Advisor
925-5554

BARRY LLOYD
Financial Advisor
925-5560

pretty good at asking. “Do I just
want it, or do I really need it?’ I's

amazing how the urge to buy can go"

away if you wait a couple of days.”
When you enter a relationship,
both of you should keep up with
economic changes, investment
opportunities, tax rules. Perhaps
have separate financial advisers. As
long as you remain together, this
“double knowledge” will benefit the
family’s finances. if you separate,
you can hit the ground running,
rather than have to stumble along.
“If you keep inherited assets or:
- those you bring into the relationship

‘ separate so they aren’t used for a

family purpose, you should be able
to protect them if the relationship
breaks up — although in many
provinces this doesn’t apply to
RRSPs and pensions,” said lawyer
Jack Aaron, chairperson of a -
Canadian Bar Association family
law section.

Talk to family law experts for
more details, and to see if a mar-
riage contract or possibly a trust
-would be appropriate. ' -

«Mike Grenby is a North Shore-

_ based columnist and independent

financial adviser who works with
individuals; he will answer your
questions in this column as space
_ allows — write to him clo 2444
“Haywood Avenue, West Vancouver, .
‘BCV7V 1 Yr. :

YOHN CURRIE
Mutual Funds Advisor
925-5551

Wednesday, May 24, 1995 ~ North Shore News - 29

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