Page 32 - FWG December Issue 2022

Finance

Finance tips for widows and divorced women
HOW TO MANAGE YOUR FINANCIAL

AFFAIRS AT A TIME OF LOSS OR

SEPARATION

B Y CL YDE P ARSONS,
CHIEF INNO V A TION OFFICER
A T BRIGHTROCK

one are the days when men
were the only ones taking care
of the family’s finances. Today,
Gwomen are independent and are
often the key financial decision-makers in
the home, controlling everything from the
household budget to investments, medical
aid and life insurance.

TAKING CHARGE OF YOUR FINANCES
While no one wants to think about the
prospect of a divorce or a spouse’s death,
prevention is always better than cure. If
you are happily married or co-habiting
in a long-term relationship, ensure that
your spouse or partner has sufficient life
cover in place to not only protect your
assets from outstanding debt and duties
on death, but will also pay out enough
funds for your recurring expenses. Look
to various legal structures, for example
trusts, in which you can house income-
generating assets to ensure continuity if
your spouse/partner dies.

It is important to take control of your
finances and seek out legal and financial
advice. It might cost you something
upfront for advice, but it will be worth it
in the long term.

FINANCIAL ADVICE FOR A NEWLY
WIDOWED WOMAN
1. If your spouse had a life cover policy,
check the details. Does it provide for
an immediate pay-out in the event of
death? If it does, claim it immediately,
as all accounts are likely to be frozen
until the estate is wound up. Some life
cover providers offer immediate pay-
outs of up to R50 000, which could be
very helpful in terms of household and
funeral expenses.
Photo by Emilie Cotterill

Fourways Gardens • 30 • December 2022