Relationships

Relationships

 

Getting married

Getting married is an important time in any person's life. From a financial point-of-view, it provides an opportunity to share costs and plans, but there are also financial challenges and risks at stake. By planning your finances together, you can make sure that both your needs are met and avoid problems later on. The key is sharing the decision making. Some aspects to consider:

  • How do I raise money for a wedding or Lebola?
  • Do we have shared financial goals?
  • Do I have a marriage contract?
  • How are we going to manage a joint budget?
  • What expenses can be joined?
  • What medical aid will we have?
  • What would happen if the relationship ended or if a partner dies?

Managing joint budgets
Medical Insurance

 

Live-in partner (co-habitation)

Moving in with a partner can be exciting and terrifying at the same time. It is a huge step in any relationship. When the decision to move in together has been made the focus on the relationship has to move from an emotional perspective to a "business" perspective when dealing with financial decisions.

  • Does my partner have a good credit score or will applications for accommodation be turned down?
  • Can I afford half the budget?
  • Will we both contribute 50% of the monthly expenses?
  • Do I share the same financial goals?
  • How will we manage the finances?
  • Do we have a contract?
  • What will happen if the relationship ends?

 

Divorce

When a person meets someone, and they form a relationship, there is a picture of "happily ever after." Parting ways is never easy after a mingled life. From a financial point-of-view, costs have been shared, but now these costs need to be split fairly. Some aspects to consider:

 

What are my rights?

Do I need or need to pay child maintenance?

What marriage contract do we have?

What are the legal costs of a divorce?

How will we split joint investments?

How much debt do we have jointly and/or alone?

What are the costs of living alone?

What expenses can I cut back on?

 

Blending families

Financial planning when preparing for a new marriage is always a challenge, but it can be even harder when you are trying to blend two families. Whether you both have children or just one of you is bringing children into your next marriage, here are some questions you should consider:

 

  • Do I have financial obligations to my previous marriage in child support?
  • Does my new partner have any previous debt?
  • Are there any joint assets with the previous spouse e.g. a house?
  • Can I afford half the budget?
  • Will we contribute 50% of the monthly expenses?
  • Do we share the same financial goals?
  • How will we manage the finances?
  • Do we have a contract?
  • What will happen if the relationship ends?

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