From I will to I do
Your wedding is such a special event in your life when, of course, you would want everything to be perfect. Here is some information to help you plan the wedding of your dreams without it leaving you physically, emotionally and financially drained.
When choosing the date of your wedding give yourselves enough time to properly prepare. When you rush you can make mistakes and place yourselves under undue stress. You may also need the time to invest and save up for the event.
Many couples seek marriage counseling and some churches make it mandatory. Counseling sessions can let you know what to expect and allow you to talk through important issues such as finances and children.
A prenuptial agreement is a legal contract written before marriage and containing instructions for distribution of property, debts, income and expenses when the marriage ends in divorce or death.
While ‘prenups’ are becoming more common, many shun the idea as implying a lack of trust in each other and lack of faith in the potential of the marriage. However, these agreements may form part of a wise financial plan especially if:
- There are children from a previous relationship or other dependents such as elderly parents
- One partner is much wealthier than the other
- One partner owns all of, or is a partner in, a business or owns patents or copyrights from which he / she receives royalties
- One pays for the other’s education
- One is likely to receive an inheritance or large increase in pay
When writing ‘prenups’:
- Fully disclose all assets to your partner
- Do it long before the wedding so that neither can argue that he/she was coerced
- Have separate lawyers
Your lawyer can let you know if your country upholds prenuptial agreements, help you detail your assets and write your contract. You should update your ‘prenups’ at different life stages such as a change in career or the birth of a child.