Five important conversations couples need to have before they walk down the aisle
Before exchanging vows, it’s a good idea to exchange financial beliefs. This isn't about being judgmental but rather about creating a plan for a resilient future.
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Most girls (and perhaps some boys) dream of their wedding day. The dress, the food, the family, the friends, and the happily ever after with their favourite person.
But what happens when it's time to pay the bills or decide on who pays for groceries and who pays the rent? What happens in the event of taking care of the family, especially if the woman or man has been their family's financial helper?
According to Cebile Zibi, Head of Trade and Marketing at Momentum Advice, money is the leading cause of conflict in marriage, often leading to divorce.
"Your marriage is, in essence, a financial merger, and just like any business deal, success depends on due diligence and a shared strategy," Zibi said.
Five topics couples need to discuss before tying the knot
Debt and assets: What outstanding debts do you have (credit cards, car payments or student loans)? What are your individual assets (investments, property)? How do you plan to manage your existing debt?
The monthly income flow: Will you combine all your bank accounts, keep them separate, or use a hybrid approach such as a joint account for shared expenses? How will your budget be structured, and who will be responsible for paying which bills?
Lifestyle and expectations: What are your non-negotiables? Are you a spender or a saver? Are you aligned on whether you will be budgeting for an annual international trip, a local holiday or would you prefer to be saving for a deposit on a home? What are your comfort levels when it comes to risk (investing) and spending?
Big goals and windfalls: What are your savings goals (a house, children's education, retirement)? How will unexpected money, like a bonus or inheritance, be handled and allocated?
Familial support: Do either of you have an existing or anticipated responsibility to support family members financially? How will you establish clear boundaries when providing financial assistance to extended family?
Zibi explained that while these conversations can be uncomfortable and emotions can run high, it is a way to set clear expectations and avoid future resentment.
"This is where a qualified financial adviser becomes invaluable, acting as a neutral third party to facilitate the conversation. They won't take sides, but they will ask the hard questions you might be avoiding and provide objective advice on structures, including your marital property regime whether in community of property, or with/without the accrual system," Zibi added.
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