For those who make that leap into a mixed relationship it is often very difficult to understand the financial and legal aspects of the arrangement. As the relationship develops over the long term and children become involved and maybe assets like property, it is important to be able to understand the best way to plan your arrangements based on your situation.
In our ‘connected world’ where many of us feel blessed that we get to mingle and make friends with people from different countries, cultures and religions, for some of us this can also lead to long term and fulfilling relationships.
Things that should be discussed with your partner
Passport issues for children
Dividing assets/investments for optimum benefit
Where to purchase property
Potential retirement location
education for children
Making a Will and where
So, it is important that you are aware of the implications of your relationship from a financial and legal perspective to avoid unnecessary stress in the future.
As a couple it is important that you share your dreams and goals for the future for both yourselves and your children. This could mean talking about future plans as to where to live and possibly educate, bring up your children and how you can afford this. It may also involve things like purchasing a home for the future, which country to do this and the implications from a financial as well as personal perspective.
Obstacles & Opportunities
Mixed relationships will create certain obstacles and opportunities. Some obstacles could be custody of children based on the religious background of you or your partner in the relationship or even tax issues on death. And with regards to the opportunities, there are also many financial opportunities that you can be taking advantage of, dependent on your situation.
Why you should be speaking with a third party
These conversations are rarely easy between couples. Having a coach who can act as an intermediary and listen to both parties with a deep knowledge and understanding of the situation will give you confidence to take action and plan a way forward.
Don't let all these obstacles stop you from fulfilling your dreams with your partner! A quote that I live by is 'Begin with the end in mind.' So, if you're fully prepared for whatever the future may bring, then you will be set up for the best possible outcome, mentally & financially both for yourself and your family.
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