A Supreme Court of Appeal (SCA) ruling in 2020 paved the way for the inclusion of living annuities in divorce settlements, but five years on, calculating fair values remains notoriously tricky. Willem Boshoff, a senior forensic actuary and member...
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New credit penalties for maintenance missers
Parents who miss maintenance payments may soon find their access to credit affected. Ayanda Ndimande, Head of Business Development at Sanlam Credit Solutions, takes a closer look at new enforcement measures. The Department of Justice has introduced...
Women in Conversation: Marriage Contracts
In this series of conversations, Maya speaks to Andrea Carr about her experience of getting divorced which has led Andrea to question many of the decisions she made as a woman, as a mother and as a wife, when it came to her finances. It made her...
Money and divorce
David Thomson, Senior Legal Adviser at Sanlam Trust, shares some practical tips about the financial side of divorce. The news of Bill and Melinda Gates filing for divorce after 27 years of marriage sent shockwaves through the philanthropic world....
The hidden costs of divorce
By Lee Hancox, Head: Channel and Segment Marketing at Sanlam Real-life love stories don’t always have the proverbial happily ever after. In fact, Stats SA found that four in ten couples get divorced before they reach their tenth wedding...
What happens if you don’t pay maintenance?
Lots of parents in South Africa shirk their responsibility of paying maintenance for their children. But these days there are fewer places to hide and the law is on the side of the parent who does provide. Some recent court cases have shown that...
A financial survival guide to divorce
Facing the breakdown of your marriage can be extremely painful emotionally, but with the right knowledge and planning, it needn’t be financially devastating as well, says Citadel Advisory Partner Kirsten Smit. “Getting divorced carries enormous...
Why you may not have a claim on your partner’s living annuity
Court case highlights the lack of rights for spousal claims when it comes to a living annuity. UPDATE (13 May 2020): The Supreme Court of Appeal has recently overturned a previously publicised ruling that a living annuity cannot be taken into...
Financial mistakes people make in divorce
Discussing “what will happen if we get divorced”, particularly financially, is a conversation that is often avoided before entering into a marriage agreement because it is deemed unromantic or tainting a marriage before it’s even started. But this...
Divorcing from the breadwinner
Sunel Veldtman, financial planner and founder of Foundation Family Wealth shares her advice to ex-spouses who have made career sacrifices for their family. Too many times I’ve sat across the table from a sobbing woman going through a divorce....
Previous Articles
If you fall behind on maintenance payments your pension may be at risk
Your retirement fund can be attached for both arrears and future maintenance payments. One of the main benefits of a retirement fund is that your investment is protected from creditors – that is unless you fall behind on your maintenance payments. If a member of a...
Can my husband’s ex-wife refuse to sell the property?
Tracy writes: I met my husband after his divorce. The agreement when he divorced was that two properties would have to be sold and the money would be split between him and his ex-wife. However, the process of disposing of the properties has still not happened ‒ and I...
Understand your marriage contract
Many couples underestimate the importance of their marriage contract, and the implications it has in the case of death or divorce. Watch Episode 16 of the Change in your Pocket series for a detailed explanation of the various marriage contracts. – Video supplied by...
Finding your financial feet after a divorce
Considering that almost three marriages end in divorce in South Africa, and research indicates that women are the hardest hit financially after divorce, finding your financial feet after this devastating event can be one of your lifelines. According to Financial...
Badly worded divorce orders rob women of retirement fund benefits
Russell Anderson, consulting senior policy advisor at the Association for Savings and Investment South Africa (ASISA), says if you are a woman facing divorce, it is critical that you ensure that the wording of your final divorce order does not fail you when it comes...
Financial tips for the bride-to-be
How the couple handle their finances, bank accounts and budgeting has a far greater ripple effect on a marriage than the perfect dress or the three-tier red velvet cake, writes Citadel Advisory Partner, Kirsten Smit. White dresses, wedding décor, floral decoration,...
Estate planning around divorce
Experiencing the emotional turmoil of a divorce is bad enough, but going through a divorce when you are financially dependent could make your problems even worse. Angelique Visser, Chairperson of the Fiduciary Institute of Southern Africa and Director, Baraza Wealth,...
What do rich people know that we don’t?
South Africa is one of Africa's richest nations and we are seeing an increase in wealthy families. These families generally have one aim in mind – to grow wealth and, where possible, pass it on to future generations. Leaving a legacy is something we'd all like to do...
Is your divorce a corporate risk?
There's only one thing more fascinating than a celebrity marriage, and that's a celebrity divorce. Particularly when it's messy, vituperative and, yes, expensive. But it's when we think of divorce as a corporate risk that it takes on another whole dimension and...
Divorce and pension fund benefits
If you're divorced, or in the process of getting divorced, the issue of pension fund benefits is one you may want to think about. Remember that pension interest forms part of your spouse's assets, so you may be entitled to a claim, depending on your marital regime. I...