By Motlagae Konyana
It is said that more than half of marriage proposals happen on Valentine’s Day. It is also common knowledge that unresolved or unknown financial matters can contribute to the break up of your relationship with bae. Here are some mistakes that you should avoid when you are in a commited relationship.
When you decide to get married, it is pivotal to know your partner’s credit status before entering into a marriage. This is because the legal framework in which you get married will definitely have a major impact on your financial planning going forward. So it’s imperative that women understand the basic implications of their marital status.
The couple intending to marry in community of property needs to understand that all their assets and liabilities from before and after they get married fall into a single joint estate, in which they have an equal share. So, when married in community of property, in order to deal with any of the assets in any way, the couple must consent to this together.
This is also included with either person’s life insurance. When a woman is married in community of property, upon the death of her partner the entire estate will be frozen because it is one joint estate, the appointed executor will have to divide and allocate her 50%. Until the executor has done this, she may not have access to any of the assets in the estate.
Even if you are the beneficiary of your husband’s the entire estate, you will need access to alternative funds until the estate is unfrozen. Only life insurance is payable to you as the beneficiary but both spouses have this need, as there is no certainty as to who will die first.
Debt is one of the biggest financial challenges couples need to deal with and be honest about. It could be worse for new couples planning to commit to a long-term relationship if one person brings in a lot of debt into the relationship, which the other partner may need to help settle before they start building their wealth. Debt could be a legal issue if you marry in community of property. So to avoid the legal battles have an honest conversation about debt and have a plan as to how you would minimise the debt between the two of you to ensure that your relationship doesn’t breakdown because of debt.
Even though women have worked hard in their careers and their finances there is still an alarming number of us who still prefer to hand over their financial responsibilities to their male partners. The problem with this approach is that women live longer, earn less and take more breaks from the workplace to care for children than their men.
Women also oversee a large number of responsibilities whilst easily running the household. It only makes sense then that women should actively take part in finances. One of the major obstacles women face is a lack of retirement planning and preparedness.
Borrowing money from a friend can be a recipe for disaster! Its even worse if you lend money to your partner’s relatives! Be very sure that the agreement is recorded in writing – have a contract if needs be – clearly stating the terms and conditions. When will the loan be repaid? Will it have to be repaid in monthly instalments? Is it just the capital that will be repaid? It’s difficult to have this conversation with your family members or even your partner but what happens if he dies before it has been repaid?
A written agreement might eliminate conflict. It will be useful should other family members get involved and question the legitimacy of the agreement.
When you choose to cohabit instead of formalising your relationship by means of marriage, you forfeit the protection that marriage offers you. If the relationship should break down and assets have to be divided, it can turn into a major war. Often, the ownership of the contested assets may come down to who actually paid for them. It is a good idea to enter into a domestic partnership agreement to regulate what will happen to the assets acquired during the relationship should it come to an end. This agreement should be drafted by an attorney.
A joint bank account has its advantages and disadvantages, however it’s not necessarily suited to all couples. Although you are committed to your life partner, ensure that you consider the various factors and make an informed decision that is best suited to your needs. Stuck on the decision? Get a financial advisor to help out.
Having a joint account can, in many ways, be practical. For example, a joint account makes it easier to pay joint bills and shared household expenses or for that baecation trip to Bali. It also means that everything is shared and one partner isn’t always left paying.
Women need to take their finances far more seriously and save more. In fact, women should be in control of household finances and investments because it affects them most. Because so many women are still dependent on their spouses for financial support, they have an obligation and right to know that adequate provision is in place should the principal bread winner die or become disabled. Women also have to take control of their own retirement planning. Yet many women still depend on their partners to provide for their retirement and financial security.
Ensure that you avoid making these money mistakes in your relationship.
Follow Motlagae Konyana on Twitter
Follow Kaya 959 on Twitter
Written by: Kayafm Digital
cash development marriage Money Personal finance relationship valentine women and money
Every "Hive" needs a Queen B and Bonolo "Bee Sting" Molosiwa is Kaya 959's honey who brings in the money. With her bubbly personality, infectious laugh, Bee Sting radiates positive energy which is all you need to get your weekend off to the best start. Don't miss the Afrobeat Dancehall Ragga (ADR) Top 10 on The Hive with Bee Sting every Saturday from 18h00 - 21h00.
closeEvery "Hive" needs a Queen B and Bonolo "Bee Sting" Molosiwa is Kaya 959's honey who brings in the money. With her bubbly personality, infectious laugh, Bee Sting radiates positive energy which is all you need to get your weekend off to the best start. Don't miss the Afrobeat Dancehall Ragga (ADR) Top 10 on The Hive with Bee Sting every Saturday from 18h00 - 21h00.
closeTune and Chill with Tyroline Franks on Kaya 959. Weekends, Saturday and Sunday, 15pm-18pm.
closeOn the Beat with George Manyosi on Kaya 959. Saturday's, 18pm-21pm.
close© 2024 Kaya 959 | On The Street On The Air
THIS PRIVACY STATEMENT FORMS PART OF KAYA 959’S TERMS OF USE POLICY. IF YOU DO NOT AGREE WITH ANY TERM OF THIS PRIVACY STATEMENT, YOU MUST CEASE YOUR ACCESS OF THIS WEBSITE IMMEDIATELY.
POPIA Act – To promote the protection of personal information processed by public and private bodies; to introduce certain conditions so as to establish minimum requirements for the processing of personal information; to provide for the establishment of an Information Regulator to exercise certain powers and to perform certain duties and functions in terms of this Act and the Promotion of Access to Information Act, 2000; to provide for the issuing of codes of conduct; to provide for the rights of persons regarding unsolicited electronic communications and automated decision making; to regulate the flow of personal information across the borders of the Republic; and to provide for matters connected therewith.
RECOGNISING THAT—
AND BEARING IN MIND THAT—
AND IN ORDER TO—
1.1.“Personal Information” means information relating to an identifiable, living, natural person and where it is applicable, identifiable, existing juristic person, including all information as defined in the Protection of Personal Information Act 4 of 2013.
1.2 Parliament assented to POPIA on 19 November 2013. The commencement date of section 1, Part A of Chapter 5, section 112 and section 113 was 11 April 2014. The commencement date of the other sections was 1 July 2020 (with the exception of section 110 and 114(4). The President of South Africa has proclaimed the POPI commencement date to be 1 July 2020.
1.3. “Processing” means the creation, generation, communication, storage, destruction of personal information as more fully defined in the Protection of Personal Information Act 4 of 2013.
1.4. “You” or the “user” means any person who accesses and browses this website for any purpose.
1.4. “Website” means the website of the KAYA 959 at URL www.kaya959.co.za or such other URL as KAYA 959 may choose from time to time.
2.1. KAYA 959 respects your privacy. This privacy policy statement sets out KAYA 959’s information gathering and dissemination practices in respect of the Website.
2.2. This Privacy Policy governs the processing of personal information provided to KAYA 959 through your use of the Website.
2.3. Please note that, due to legal and other developments, KAYA 959 may amend these terms and conditions from time to time.
3.1. By providing your personal information to KAYA 959 you acknowledge that it has been collected directly from you and consent to its processing by KAYA 959.
3.2. Where you submit Personal Information (such as name, address, telephone number and email address) via the website (e.g. through completing any online form) the following principles are observed in the processing of that information:
3.2.1. KAYA 959 will only collect personal information for a purpose consistent with the purpose for which it is required. The specific purpose for which information is
collected will be apparent from the context in which it is requested.
3.2.2. KAYA 959 will only process personal information in a manner that is adequate, relevant and not excessive in the context of the purpose for which it is processed.
3.2.3. Personal information will only be processed for a purpose compatible with that for which it was collected, unless you have agreed to an alternative purpose in writing or KAYA 959 is permitted in terms of national legislation of general application dealing primarily with the protection of personal information.
3.2.4. KAYA 959 will keep records of all personal Information collected and the specific purpose for which it was collected for a period of 1 (one) year from the date on which it was last used.
3.2.5. KAYA 959 will not disclose any personal information relating to you to any third party unless your prior written agreement is obtained or KAYA 959 is required to do so by law.
3.2.6. If personal information is released with your consent KAYA 959 will retain a record of the information released, the third party to which it was released, the reason for the release and the date of release, for a period of 1 (one) year from the date on which it was last used.
3.2.7. KAYA 959 will destroy or delete any personal information that is no longer needed by KAYA 959 for the purpose it was initially collected, or subsequently processed.
3.3. Note that, as permitted by the Electronic Communications and Transactions Act 25 of 2002, KAYA 959 may use personal information collected to compile profiles for statistical purposes. No information contained in the profiles or statistics will be able to be linked to any specific user.
4.1. KAYA 959 may use standard technology to collect information about the use of this website. This technology is not able to identify individual users but simply allows KAYA 959 to collect statistics.
4.2. KAYA 959 may utilise temporary or session cookies to keep track of users’ browsing habits. A cookie is a small file that is placed on your hard drive in order to keep a record of your interaction with this website and facilitate user convenience.
4.2.1. Cookies by themselves will not be used to identify users personally but may be used to compile identified statistics relating to use of services offered or to provide KAYA 959 with feedback on the performance of this website.
4.2.2. The following classes of information may be collected in respect of users who have enabled cookies:
4.2.2.1. The browser software used;
4.2.2.2. IP address;
4.2.2.3. Date and time of activities while visiting the website;
4.2.2.4. URLs of internal pages visited; and
4.2.2.5. referrers.
4.3. If you do not wish cookies to be employed to customize your interaction with this website it is possible to alter the manner in which your browser handles cookies. Please note that, if this is done, certain services on this website may not be available.
5.1. KAYA 959 takes reasonable measures to ensure the security and integrity of information submitted to or collected by this website, but cannot under any circumstances be held liable for any loss or other damage sustained by you as a result of unlawful access to or dissemination of any personal information by a third party.
6.1. KAYA 959 has no control over and accepts no responsibility for the privacy practices of any third party websites to which hyperlinks may have been provided and KAYA 959 strongly recommends that you review the privacy policy of any website you visit before using it further.
7.1. If you have any queries about this privacy policy please contact us by emailing [email protected]