Not all love stories have a happy ending. In fact, Stats SA has found that four in 10 couples get divorced before they reach their tenth wedding anniversary.
It has been reported that divorces are on the increase, with more woman plaintiffs prompting proceedings, and 55.6% of divorces have children who are younger than 18 involved. With children especially, a divorce can get complicated and – in general – even uncontested divorces can take a huge financial toll.
There’s also the risk of one partner being more financially savvy than the other, which means the divorce agreement could be drafted to the benefit of one and the detriment of the other. You may not realise this until it’s too late, and the ramifications of this could end up costing you far more than if you’d had an attorney and financial adviser involved from the beginning of the process.Prices vary depending on the circumstances and service providers.
Taking over your cellphone contracts and other services you may need that your spouse had been paying for prior to the divorce.Setting up your own medical aid and possibly moving your child or children across to your plan. This can be costly because the price of medical aid is much higher for a primary member than when you are a dependant.Moving your child’s school if you’re moving to a new neighbourhood.
Ensure your divorce settlement makes provision for your child’s education costs, including tertiary education. Redo your estate planning with your financial planner and consider setting up a testamentary trust to ensure the assets you’re leaving to your children are appropriately managed.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WATCH | Somizi gets tested for Covid-19, expresses concern about the costSomizi Mhlongo-Motaung is the latest to weigh in on the cost of a coronavirus test.
Read more »
Sasol’s R33bn rights issue waits in the wingsThe group plans to raise cash to pay down debt first through cost saving measures and asset disposals
Read more »
WATCH | Somizi gets tested for Covid-19, expresses concern about the cost“So guys, I am at a private hospital to do tests for the coronavirus ... but also like my chest, I am coughing so you never know.”
Read more »