You’ve picked the ring, set the date and invited the guests. But have you thought of everything? Regardless of what age you are and what type of wedding you’ve chosen, make sure you consider these important money matters before you officially tie the knot.
Choose the right marriage contract
It’s all sunshine and roses for those choosing to walk down the aisle with the loves of their lives. And with the average South African only getting married in their early- to mid-thirties, it’s very likely that they will have accumulated some assets, such as property and vehicles, and have taken on some debt, by the time they walk down the aisle. “Choosing the right marriage contract before you say ‘I do’, is essential in preventing financial complications which may affect your marriage later on.” says CEO of Capital Legacy, Alex Simeonides. “Also, don’t forget to update your Will to reflect this major, life-changing event.”
CAUTION: If you’re married in community of property, you can only leave 50% of the combined estate to whomever you choose, when you die. Your spouse gets to choose what happens to the remaining half of your estate – their share. Consider signing an Ante-Nuptial Contract instead, and each spouse then retains his/her separate assets.