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Three financial things to do before your big day

by | Uncategorized

It’s wedding season, but before you say “I do”, here are three things you should think about – and take action on – before your special day.

Speak truly and honestly with each other about money

Talking about money and finances can be very hard, but hard conversations lead to good foundations. Getting real insights into how you and your partner view money and what is really important to each of you will get your marriage off to a solid start. If you find it hard, get a financial planner or another professional counsellor in to facilitate the conversation.

Some things to consider:

  • How much does each of you earn before deductions?
  • Who will pay for what when you are married? Consider how technology can help you here – try using an app like “Splitwise” to keep track of your shared expenses.
  • What scares you about money and finances?
  • Should we have a joint account for common expenses and/or joint savings goals and, if so, how will it be funded?
  • What do you most dislike about the way each of you spends money?
  • What debts do you have?
  • Which family members do you / will you have to support financially – and from where?

The list is endless but take the time to each write out the questions that are important to you and swap lists. Then work through them together.

Understand the matrimonial regimes and agree on the fundamentals

In terms of the Matrimonial Property Act of 1984, If you are getting married in South Africa, you can get married in or out of community of property. If you decide to get married out of community of property, then you need to decide if the accrual system will or will not apply to your matrimonial regime.

It is vital that you understand what these different regimes mean and the consequences thereof, as trying to change your regime after marriage might not be possible or will be expensive. Speak to an attorney to get advice well before your wedding as there are some formalities involved that will need to be complied with.

Once you have agreed on your matrimonial regime going forward you will then be able to identify your needs and goals and put in place a plan as to how you will meet your needs and achieve your goals.

Agree on your goals

Once you have agreed on the basics and had an honest conversation about what money means to each of you, you should agree on your financial goals. Here the services of a qualified and experienced financial planner are invaluable. They will help you to identify your individual and family needs and goals and help to tailor a holistic solution to your respective needs.

Your financial planner will also be able to guide you as your financial positions, needs goals and objectives develop and grow as time passes by. Having a financial planner in your corner will also serve you well as they can be used as a sounding board when you consider actions which may have financial consequences.

The next step

These important decisions are best taken with the help of a financial professional. If you or one of your loved ones are considering taking things to the next level, get in touch with us via the block below and we will help guide you along the way.


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