Money is now the biggest cause of relationship strain in South Africa 1
According to News24.com ‘money problems are now cited as one of the biggest reasons marriages fail in South Africa.’ 1 With daily living costs and personal debt on the rise, it is no surprise that financial strain is ruining our relationships.
Businesslive says that ‘fewer South Africans are getting married’ and ‘divorce is on the rise in South Africa’. We all grimaced when we heard that the soon-to-be-married royal couple, Harry and Meghan were fore-going a pre-nup. With Harry’s fortune estimated to be around $50 million dollars and Meghan a lead actress in a global television series, the decision for those of us not looking through love-struck eyes, is questionable. We all know that marriage soon loses its shine when bills need to be prioritized and sacrifices have to be made.
Poor lending rates from banks are meaning that those who are soon-to-be-divorced are facing increasing financial pressures and are looking elsewhere for emergency financial relief. The advent of the internet has opened up a wealth of more flexible and increasingly popular options such as Wonga.
The financial implications of divorce
With the costs of divorce continuing to rise, it is worth considering whether it really is the end of the road.
Lol.com lists ‘arguments around spending habits, a lack of disclosure of one’s income and little to no understanding of South Africa’s matrimonial property regimes’ as the biggest underlying causes 3of divorce. There is much research to suggest that the best way to beat the curse of financial strain is to be honest, open and keep talking, even when things are tough.
Getting a divorce in South Africa can be a costly decision with unexpected financial implications that can affect you for years to come. With many South Africans already tightening the belt, this often unexpected change in circumstances and new financial pressure can be unbearable. When faced with impending divorce PSG Wealth outlines some of the most important financialareas to consider when you are thinking about getting a divorce, on businesstech.co.za, including:
-Review your last will and testament within three months from the date of divorce– will your spouse be able to make a claim?
-Make sure that debit order payments for your former spouse are cancelled
-Assess your new short-term insurance needs for your own assets as an individual 4.
Are you considering divorce? Have you got valuable knowledge to share from experiencing divorce first-hand. We would love to hear from you.