However, apart from being a display of love and affection, a marriage is also a civil and legal union of two people. This is why it is very important that you ask your prospective marriage partner a few very important financial questions before you go ahead and ask for your parents’ blessing. Here are the most important boxes you need to tick before you make your way down the aisle:
Are we getting married in community of property?
If you choose to get married in community of property you will share all of your financial obligations, which means each spouse will have to sign off on any credit transaction (e.g. buying a car, renting a home, applying for a loan) the other enters. You will also share all assets and liabilities that were accrued prior to and during the marriage. Alternatively, you can get married outside of community of property, with accrual, in which case spouses share the assets during the course of their marriage based on a particular calculation if the marriage is ever terminated.
What is your debt situation?
It is imperative that you know if your partner is bringing any debt into your marriage. If you don’t, get married in community of property, and your spouse defaults on their financial obligations with a creditor, you will be held liable to settle the outstanding debt.
How should we cover ourselves financially as a unit?
Do you have a retirement annuity, disability cover, life insurance and/or an income protector each? Do you need to have it in your particular line of work? Does your employer contribute towards these expenses? These are things you need to know before you hitch your wagon to your partner’s. If you feel that you cannot answer this question very well, it might be worth it to consider the professional guidance of a trained financial advisor. As an unpartisan service provider, it is in their best interest to provide you with sound financial advice that will protect your family in case the unexpected might happen.
These are a few of the most important questions you should ask your partner before you tie the knot in 2018. Are you in a committed relationship, but unable to get married because one of you has a mountain of unresolved debt? Get in touch with Libertine Consultants today. We’ll assist you with professional debt counselling services, allowing you to clear your debt so you may pave the way to a bright and prosperous future as a married couple.