Financial questions to ask before getting married in 2018

Is there anything more rewarding than a loving, supportive relationship with a partner who shares your ideals and yearns to build a shared future together? It’s no wonder that getting married is such a big milestone in our lives – making the decision to spend your life with another person is a big step and such a union deserves to be celebrated.

Are we getting married in community of property?

If you choose to get married in community of property you will share all of your financial obligations, which means each spouse will have to sign off on any credit transaction (e.g. buying a car, renting a home, applying for a loan) the other enters. You will also share all assets and liabilities that were accrued prior to and during the marriage. Alternatively, you can get married outside of community of property, with accrual, in which case spouses share the assets during the course of their marriage based on a particular calculation if the marriage is ever terminated.

What is your debt situation?

It is imperative that you know if your partner is bringing any debt into your marriage. If you don’t, get married in community of property, and your spouse defaults on their financial obligations with a creditor, you will be held liable to settle the outstanding debt.

How should we cover ourselves financially as a unit?

Do you have a retirement annuity, disability cover, life insurance and/or an income protector each? Do you need to have it in your particular line of work? Does your employer contribute towards these expenses? These are things you need to know before you hitch your wagon to your partner’s. If you feel that you cannot answer this question very well, it might be worth it to consider the professional guidance of a trained financial advisor. As an unpartisan service provider, it is in their best interest to provide you with sound financial advice that will protect your family in case the unexpected might happen.