out of community of property
In a marriage that excludes the accrual system, a spouse who chooses to stay at home to raise children is at an economic disadvantage because she does not have the same opportunity to create wealth as her income-generation spouse does.
Differing value systems when it comes to money can create enormous tension in your relationship, especially when children enter the mix. In preparing for marriage, use probing questions to explore your partner’s financial value system. What does financial freedom look
For couples choosing life partnership instead of legal marriage, the ability to keep their respective finances totally separate can be considered advantageous, especially where each partner is financially independent. Unlike a community of property marriage, couples choosing to live together
If you choose to stop working, make sure that you fully understand the implications of doing so. If you do not generate an income of your own, you will find it very difficult to build wealth in your own name.
Once the spouses have made decisions as to what should be included and/or excluded from the accrual, each spouse must declare a commencement value for their estate from which point the growth in their respective estates will be gauged until
Don’t hesitate to have those difficult financial conversations early on in your marriage. Is there a financial demanding ex-spouse or child that is causing tension in your relationship? What happens if you need to provide financial assistance to your elderly
Estate planning is an important exercise for coupled married with the accrual system to undertake to ensure that each spouse is adequately provided for in the event of tragedy. The accrual comes into effect when one spouse passes away which
Where married with the accrual system, each spouse is free to set up trusts, whether inter vivos or testamentary, in accordance with their needs and objectives. This means that a spouse is free to transfer assets owned by him into
