Getting married? Congratulations!

You will undoubtedly spend months planning and sorting out all the details of your wedding. But do not forget to find the time to plan for the financial partnership that getting married will bring.

• How do you plan to conduct your financial affairs?
• Will you have individual or joint accounts?
• Do you plan to invest, together or separately?
• How will you handle buying a home or making other large purchases?
• Will you have separate or joint credit card accounts?

These are all matters that must be discussed and decided upon because, if not, they will almost certainly create disagreements in the future.

Open communication and shared goals can go a long way towards creating the foundation needed to live happily ever after.

It is often a sensitive subject but a pre-nuptial agreement should be considered, especially if one of the partners is coming into the marriage with significant assets or children. The agreement will typically address issues concerning assets, liabilities, divorce and estate planning.

You should consider a pre-nuptial agreement:

• When there are children or grandchildren from a previous marriage,
• When there is more or less wealth than intended,
• When one of the partners is in line to receive a large inheritance,
• When one spouse is supporting the other’s education,
• When one of the partners owns a business.

The best pre-nuptial agreement will protect both partners’ interests, without causing mistrust. Any agreement should be drawn up in consultation with a lawyer and a financial adviser.

Insurance

Now is a good time to examine your insurance plans and requirements.

Consider some of the following areas:

• Health Insurance
  Will you join your spouse’s medical aid scheme or remain on your own? If you or your spouse must change schemes, is the cover complete or are there gaps to fill? Find out more about Liberty Health Medical Scheme
  
  Do your current medical plans provide cover for pregnancy and dread diseases?
  
  Disability and Lifestyle Protection
  Should one or both partners become permanently or temporarily disabled and unable to work, is there a plan in place to protect and maintain the lifestyle you want?
  - Loss of Income
  - Illness Protection
  
  
• Life Insurance
  If one of you were to die, would the survivor and remaining loved ones be financially protected? Now is a good time to look at your life insurance portfolio as, in most cases, the younger you are, the less it will cost you. Find out more...