Before Marriage
Family Financial Planning
What's your plan?
It is very common to see that couples tend to plan their wedding, decorating their new house and even planning their honeymoon. However, not many couples are seen to have planned their finance. I cannot emphasize enough that couples who failed to have a sound Family Financial Plan will most often than not lead to many disputes which all are rooted down to 'money'.
Set the goal
Discuss with your partner and see what do both of you vision the future might be. Set a short goal and a long one. Then see what both of you are able to do to reach your goals.
When we discuss the goals with our clients, we will be putting forward appropriate considerations and giving them careful suggestions with wide legal perspectives. We understand that clients may not be able to foresee certain situations i.e. divorce, sickness, bankruptcy, death & etc. and may not know best the solutions to the unforeseen circumstances.
Define the responsibility
A healthy marriage is like a partnership. Both husband and wife should work together towards their goal and is best not to place a burden on one side. This does not mean that both must work or bring home the bread because there is so much more than that. Recognition and appreciation is always best to be given to each other whether or not that person bring the money home because there is so much more than that. That is also why our law has changed and recognition is given not only to the one that has contributed financially but also to the one who has taken care of the welfare of the family.
Putting Marriage Vow in Writing
Never think that putting down your financial plan to pre-nuptial is a bad thing or a taboo that everyone should avoid. In fact, pre-nuptial is not a document to side the one with greater wealth, i.e your are not getting anything from me when we divorce. This is a misconception. If you are thinking that pre-nuptial is never to be enforced by the court, this is also a misconception.
Pre-nuptial is a marriage vow, put in writing. Let's look into the common marriage vow as follow:-
I, take you, to be my wife/husband, to have and to hold from this day forward, for better, for worse, for richer, for poorer, in sickness and in health, to love and to cherish, till death us do part.
You know that marriage vow is not legally binding in which you cannot claim your husband or wife if they do not want to hold you for whether you are at your worse, poorer or sick which makes a marriage vow nothing more than a ceremony.
So if one is to promise to 'take care of you for the rest of your life' there is nothing more secure and binding than having it drafted, as to how would that someone would take care of you for the rest of your life?