Page 22 - Dainfern Precinct Living Issue 10 2022

Finance

Photo by Kelly Sikkema

provision for extra medical expenses for you might be receiving little – if any It’s important that you become
yourself and your children – it is crucial – child support from your ex-partner. financially savvy – especially in terms of
that you prevent ‘draining your assets’ in Ensure you have income and debt planning and saving up for school fees
order to afford additional costs that are protection, some life cover and cover for and/or other childcare expenses.
not covered by your medical aid, should temporary or permanent disability.
you or your children suffer any serious Whether you are a widow or divorced,
illness or injury. 2. If your ex-spouse is not honouring ensure that your financial decisions are
maintenance payments for your made in the interests of both you and
4. Consult a financial adviser if you are children and/or yourself, you can your children. This includes thinking
inexperienced with financial planning. lay a criminal charge against your about the future and how each decision
ex-spouse, which could lead to him will impact you and your family in the
5. Find out how to set up trusts for months and years to come.
your children and think about who the or her being criminally prosecuted.
right people would be to look after If your ex is formally employed, Child Care Support Applicants must
those trusts, to ensure that any benefits you can make an application to the meet the following requirements:
available to your children, i.e. from Maintenance Court for a garnishee • The primary care giver must be a
assets or life insurance products, will be order to be issued. This will be issued South African citizen, permanent
managed correctly should something on your ex’s employer, who will then resident or refugee.
happen to you. Once you have all be ordered to deduct from your ex’s
the information, follow through and monthly salary the maintenance he • Both the applicant and the child
see that the trusts are set up to your (or she) should be paying. This will must reside in South Africa.
satisfaction. then be paid out to you. Alternatively,
the Maintenance Court can issue a • The applicant must be the primary
6. If you are financially down and warrant of execution which authorises care giver of the child/ children
out, make the necessary cuts e.g. the Sheriff of the Court to demand concerned.
downgrade to a hospital plan if you the outstanding monies from the
have a medical aid. Consider applying defaulting spouse. • The child/children must be under
for a child support grant, which pays out the age of 18 years.
a monthly amount per child if you are 3. If there is agreed financial support • The applicant must meet the
currently unemployed or your financial for you and your children, make sure requirements of the means test.
situation is below a certain level*. that your ex has a life policy specifying
Remember: Every bit helps! you as the beneficiary to cover • The applicant cannot apply for more
expenses, in the event of your ex- than six non-biological children.
FINANCIAL ADVICE FOR A NEWLY spouse becoming disabled or passing
DIVORCED WOMAN away. You need to look especially at • The child/children cannot be cared
1. Similar to the death of a spouse, products that can provide the required for in a state institution.
when you get divorced, you will have recurring monthly benefit that equates
a household depending on you for to your and your children’s monthly *https://www.sassa.gov.za/Pages/
financial support. If you have children, expenses. Child-Support-Grant.aspx

20 DPL issue 10 2022