In Community of Property

The first thing to consider is the type of marriage you will enter into. There are three types of marriages recognized in Zimbabwean law:

• Civil marriages (through the Marriages Act Chapter 5.11 and monogamous in nature)
• Registered Customary Law according to Customary Marriages Act Chapter 5.07 (according to African Customs but registered through the Magistrates Court)
• Unregistered Customary marriages (marriages in terms of African custom.
• It is important to note that all marriages in Zimbabwe are out of community of property.

There are also two matrimonial property regimes, which are arrangements that regulate how your assets and liabilities are treated during, and at the end of the marriage:

Pre-Wedding Money Conversations

It is crucial to know your partner’s credit profile, particularly if you are planning to be married in community of property.
Knowing each other’s credit history will also give you some insight into each other’s financial behavior. Be honest with each other from the onset. It’s better to openly discuss historical debts and current financial responsibilities such as maintenance for children outside the marriage and financial assistance for parents. Failing to disclose responsibilities and debts can erode trust and damage your relationship, so rather play open cards with each other.

Is a Joint Account A Good Idea?

Having a joint bank account is a convenient way to manage day-to-day spending and saving, but it can be problematic if one of you is not financially disciplined. Couples must agree who is the one who’s good at handling finances and who would be better suited to taking care of the household budget. It is very important to avoid falling into arrears or having judgments against you.

The Benefits of Financial Planning

It is generally a good idea to get a financial adviser to help you draw up a financial plan that suits your specific lifetime goals and needs. Remember, your wedding is only the start of married life. A couple that plans for the future together succeeds together. Enjoy the financial freedom that good money habits can give you. Commit to saving and creating wealth as a couple and reap the rewards together.

The Value of a Monthly Budget

Married couples should draw up a monthly budget together. This ensures that the household is managed by both parties and any shortfalls are picked up and tackled in good time. “Sit down monthly to check on your financial behavior and spending habits. Identify unnecessary and costly indulgences that can be eliminated.” To get more money tips and learn how to grow your money, go to Facebook and like our On the Money financial education page.

Sophie realizes that she has not planned for some of these life events and that she has already experienced some of them, which is why she is struggling to make ends meet. She makes a promise to be more careful going forward.