Honour and Obey may not be mainstream in vows, regardless there is another person to consider and whose back you have.
Let’s meet Sophie and Tim. They got married just before COVID in January and have been lucky that their jobs were maintained through COVID. They were worried because they bought their first home together in November 2019 and they have no real savings after getting married and buying their home. You see Tim and Sophie have made a lifelong commitment both emotionally and also financially as the loan is for 30 years!
This means that they need to have some security about their plans and in the event that one of them, (let’s make it Tim for arguments sake) gets hit by a bus, that Sophie can stay in the home and deal with the grief of losing Tim. We discussed making sure funds move to each other quickly from super and insurances in such an event to make sure financial stress was not another layer of hardship in this scenario.
They also want to know if they should be paying extra off the mortgage or if there is something else they should consider. Turns out that protecting their assets and each other was only part of the conversation; building wealth was a significant opportunity they wanted to pursue. We set up small savings plan to deposit into a tax effective investment to provide the desired outcome they were comfortable with and gave them flexibility to use this at any time in an emergency (when they have a family, an investment property deposit; whatever they decided over the next few years).
This is the action part of stating your vows and promising to look after each other. Way to go action heroes Tim and Sophie!
