Page 14 - IFV Issue 12 2022

Lifestyle

Finance tips for widows and divorced women

HOW TO MANAGE YOUR FINANCIAL

AFFAIRS AT A TIME OF LOSS OR

SEPARATION

BY CLYDE PARSONS, CHIEF INNOVATION OFFICER AT BRIGHTROCK

one are the days when men
were the only ones taking care
Gof the family’s finances. Today,
women 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-
Photo by Emilie Cotterill
12 • Issue 12 2022 • The Villager