Marriage is not just about love, it is also about building a life and family together, and that means being smart and honest when it comes to your finances. There are some important financial questions that need to be asked before you take that huge step, and make that promise.
With December fast approaching, scores of couples are getting ready to tie the knot. Tis the season to be merry, and married.
According to stats SA, December sees the most weddings registered in South Africa.
It is important to know where your prospective spouse sits on the debt scale, and especially considering that it is a possibility that you could get married in community of property.— Faeeza Khan, Liberty Legal Marketing Specialist
The marital regime in community of property is about sharing your profits and losses before and during the marriage says Faeeza. The Liberty Legal Marketing Specialist adds that each spouse holds an equal share in the joint estate, therefore, if you get married and your prospective spouse has debt, then you share that debt.
It’s quite important that before you get married, you do sit down with your financial adviser and discuss whatever it is that you want to achieve in respect of your financial goals going forward and your estate planning goals, and that’s very important because a simple document like a will can’t be drafted unless your financial adviser is aware of your marital regime. There are certain aspects that would need to be taken into consideration.— Faeeza Khan, Liberty Legal Marketing Specialist
Look at any debt that the joint estate might have. There are certain financial products that would be available to settle those debts, in the event of a death of one of the spouses.— Faeeza Khan, Liberty Legal Marketing Specialist
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This article first appeared on CapeTalk : Financially prepare yourself before the wedding bells