Couples often enter relationships talking about chemistry, shared values, careers, and future dreams, but finances are rarely discussed, according to Reeona Chetty, Head of Advice at Vouch. In South Africa (SA), money can feel like a taboo topic, tied to shame, fear of judgement or concern about appearing selfish. Yet when relationships become serious, moving in together, buying a home, getting engaged or married, avoiding financial conversations can have real consequences, from legal complications to tax and insurance issues.
Many people believe that living together offers the same protection as marriage. “SA does not recognise common-law marriage, so without a written agreement, partners do not automatically inherit from each other, have claims to pensions or property, or appear as spouses for tax or medical purposes,” Chetty explains. Life and retirement policies may also not recognise an unmarried partner as a beneficiary. Cohabitation agreements, wills, and updated beneficiary nominations ensure that both partners are protected, and that benefits are paid out correctly if the relationship ends, or one partner passes away.
Financial planning as a couple can take different forms, depending on compatibility and personal preference. Chetty says some couples keep separate accounts alongside a joint household account, others merge everything into a single account, and some maintain fully separate finances with shared budgeting. “What matters most is transparency and agreement, not tradition,” she adds.
Marriage provides certain tax advantages, including donations tax relief, capital gains tax rollovers on property, and estate duty deductions. Unmarried cohabiting partners do not automatically receive these benefits, making financial planning particularly important. Insurance should be considered from a household perspective. “Life cover isn’t just about replacing an income, it protects against debt, covers estate costs, and maintains lifestyle continuity,” Chetty notes. Disability or severe illness cover should account for lost income and care needs, even for partners who do not earn a formal salary. Short-term insurance, such as combined household or vehicle cover, can reduce costs when structured properly. Non-earning partners and homemakers often make significant contributions that are overlooked in planning.
Practical steps can help couples maintain financial clarity. Chetty recommends holding an annual planning session, checking in monthly about money, sharing debt information honestly, and planning major purchases together. “Aligning values before aligning finances ensures both partners are on the same page,” she says.
Valentine’s Day celebrates love, but long-term security relies on clear communication and planning. As Chetty reminds us, “Love may bring people together, but financial clarity keeps households safe, supported, and ready for whatever life throws their way.”
–ChannelAfrica–
