Essential tips for unmarried couples to build a strong financial future together

Relebogile Mabotja speaks with Queen Malobane, Provincial General Manager at Metropolitan

Listen below.

Financial planning is essential for committed couples even if they choose to remain unmarried.

If you are choosing to build a life together, it is essential to be transparent about your finances and credit rating.

“If you are not transparent you might end up with really bad egg on your face.”

- Queen Malobane, Provincial General Manager at Metropolitan

Many couples choose to cohabit without getting married to avoid complicated financial ties.

However, this option requires as much financial planning, if not more.

For example, unmarried partners in South Africa do not have automatic inheritance rights. Therefore, both partners must ensure they have a will that protects their long-term partner in the case of their death.

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You should also ensure your partner is the beneficiary of any life cover you have in the event of your death.

Malobane recommends that unmarried couples who live together sign a cohabitation agreement which outlines what happens if the relationship ends or one partner dies.

Scroll up to the audio player to listen to the interview.