Page 15 - IFV Issue 12 2022

Lifestyle

Photo by The Good Funeral Guide

outs of up to R50 000, which could your children – it is crucial that you FINANCIAL ADVICE FOR A NEWLY
be very helpful in terms of household prevent ‘draining your assets’ in order DIVORCED WOMAN
and funeral expenses. to afford additional costs that are not 1. Similar to the death of a spouse,
2. Try to obtain as much information covered by your medical aid, should when you get divorced, you will
as possible about your partner’s you or your children suffer any serious have a household depending on
or spouse’s accounts, investments, illness or injury. you for financial support. If you have
debts, debit orders and other 4. Find out how to set up trusts for children, you might be receiving little
household expenses that tended to your children and think about who – if any – child support from your ex-
‘have paid for themselves’. Familiarise the right people would be to look partner. Ensure you have income and
yourself with and prioritise insurance after those trusts, to ensure that any debt protection, some life cover and
premiums – especially for your benefits available to your children, i.e. cover for temporary or permanent
household contents, buildings, cars, from assets or life insurance products, disability.
and medical expenses. Consult your will be managed correctly should 2. If your ex-spouse is not honouring
lawyer if you have difficulty accessing something happen to you. Once maintenance payments for your
information. you have all the information, follow children and/or yourself, you can
3. Your financial responsibilities may through and see that the trusts are set lay a criminal charge against your
have changed drastically, with a up to your satisfaction. ex-spouse, which could lead to him
household depending solely on you 5. If you are financially down and or her being criminally prosecuted.
for financial support. There is even out, make the necessary cuts e.g. If your ex is formally employed,
more pressure on you if you have downgrade to a hospital plan if you you can make an application to the
children. Ensure that you arrange have medical aid. Consider applying Maintenance Court for a garnishee
appropriate cover for income and for a child support grant, which pays order to be issued. This will be issued
debt protection, as well as cover for out a monthly amount per child if on your ex’s employer, who will then
temporary or permanent disability. you are currently unemployed or your be ordered to deduct from your ex’s
In addition, make provision for extra financial situation is below a certain monthly salary the maintenance
medical expenses for yourself and level*. Remember: Every bit helps! he (or she) should be paying.

The Villager • Issue 12 2022 • 13