Page 33 - FWG December Issue 2022

Finance

Photo by The Good Funeral Guide

2. Try to obtain as much information as children suffer any serious illness or get divorced, you will have a household
possible about your partner’s or spouse’s injury. depending on you for financial support.
accounts, investments, debts, debit 4. Find out how to set up trusts for your If you have children, you might be
orders and other household expenses children and think about who the right receiving little – if any – child support
that tended to ‘have paid for themselves’. people would be to look after those trusts, from your ex-partner. Ensure you have
Familiarise yourself with and prioritise to ensure that any benefits available income and debt protection, some
insurance premiums – especially for your to your children, i.e. from assets or life life cover and cover for temporary or
household contents, buildings, cars, and insurance products, will be managed permanent disability.
medical expenses. Consult your lawyer if correctly should something happen to 2. If your ex-spouse is not honouring
you have difficulty accessing information. you. Once you have all the information, maintenance payments for your
3. Your financial responsibilities may have follow through and see that the trusts are children and/or yourself, you can lay
changed drastically, with a household set up to your satisfaction. a criminal charge against your ex-
depending solely on you for financial 5. If you are financially down and out, make spouse, which could lead to him or her
support. There is even more pressure on the necessary cuts e.g. downgrade to being criminally prosecuted. If your ex
you if you have children. Ensure that you a hospital plan if you have medical aid. is formally employed, you can make an
arrange appropriate cover for income Consider applying for a child support application to the Maintenance Court
and debt protection, as well as cover grant, which pays out a monthly amount for a garnishee order to be issued. This
for temporary or permanent disability. per child if you are currently unemployed will be issued on your ex’s employer,
In addition, make provision for extra or your financial situation is below a who will then be ordered to deduct
medical expenses for yourself and your certain level*. Remember: Every bit helps! from your ex’s monthly salary the
children – it is crucial that you prevent maintenance he (or she) should be
‘draining your assets’ in order to afford FINANCIAL ADVICE FOR A NEWLY paying. This will then be paid out to you.
additional costs that are not covered DIVORCED WOMAN Alternatively, the Maintenance Court
by your medical aid, should you or your 1. Similar to the death of a spouse, when you can issue a warrant of execution which

Fourways Gardens • 31 • December 2022