Financial Planning
Marriage and money: Five critical factors to consider before tying the knot
Marriage is no trivial matter – in fact it will impact all areas of your life, including your finances. There are obvious advantages, like doubling your income without doubling your expenses, and reaching your shared goals much more quickly.
However, financial differences are known to place a huge strain on any relationship if not carefully thought and talked through from the onset.
Sometimes couples get married without discussing their financial and personal expectations. These conversations, while challenging, are crucial if you want to understand your future spouse’s expectations.
Not only do you need to carefully evaluate your marriage contract and related issues, but you will want to ensure that your partner is financially cared for and protected should something unforeseen like disability, illness or even death come your way.
Apart from seeking advice from a professional adviser, Sanlam suggests that you consider the following five critical factors before taking your vows – for the sake of both you and your spouse.

Have you decided on your marriage contract?

Will this be your first marriage?

An asset is anything of value that you own, including rights to property.
Do you have assets that you would like to protect?

Do you have children from a previous marriage/relationship?
Are you satisfied that you have a comprehensive financial plan in place?
YES
Good. Review your plan whenever your personal or work circumstances change to ensure that your assets are protected, that your savings plan still makes sense and that your spouse and family members are financially protected in the event of you or your spouse’s disability, illness or death.
NO
Don’t delay. Make an appointment with a professional adviser today. Remember, you now have a spouse and a family to take into consideration. So make sure that you and your loved ones are financially secure and protected from the financial impact of unforeseen events like disability, illness and death.
Talk to a professional adviser before taking your vows – for the sake of both you and your spouse.
Sanlam is a Licensed Financial Services Provider.
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