When getting married, you vow to love each other for eternity. But life happens, and you could find yourself heading to the magistrate’s court to terminate the contract. If you are ready to part ways with your spouse, here are six things to think about before you file for divorce.

When getting married, you vow to love each other for eternity. But life happens, and you could find yourself heading to the magistrate’s court to terminate the contract. If you are ready to part ways with your spouse, here are six things to think about before you file for divorce.

1. The Will

The last thing you want to happen when you divorce is having your ex inherit your hard-earned possessions when you die.  Manfred Getz, financial advisor from Profit Plan, says updating your will before divorce proceedings are instituted will ensure that all beneficiaries are correctly reflected. He says it is also important to seek expert advice to determine whether a trust would be suitable or not.

2. Child care

Some parents tend to stop working when they have children to look after them. This can get tricky when a couple divorces, as there is no security of income from another party. Getz advises that you arrange child care before the divorce to enable you to start working if not currently employed.

3. Safety deposit boxes

When you are planning a divorce, all safety deposit boxes that you share must be secured. Personal assets must be removed before you proceed with the divorce.

4. Spousal support

Alimony or spousal support is granted by the court of law.  The court will determine whether you qualify or not, depending on factors such as the income and property of each spouse; the duration of the marriage or sacrifices one spouse made for the benefit of the marriage.

Getz says that it is important that you calculate the expected maintenance before the divorce. This will help with your financial planning until the final order of divorce is granted.

5. Insurance and investment portfolio

Getz says you need to assemble a copy of your current portfolio analysis and arrange a consultation with an advisor to familiarise yourself with all the contracts.

“The particulars in the Investment Portfolio must disclose the current value of all contracts so that a draft settlement can be calculated before divorce proceedings begin,” he says.

6. Maintenance

Before you proceed with the divorce, you must think about the financial impact of the divorce on the children. It is both parents’ duty to provide for their children. However, this will depend on the income and assets of the parents.

“Maintenance may be awarded with effect from the date of separation until the final date of divorce, which is referred to as Maintenance Pendente Lite, meaning of a temporary nature,” says Getz.

According to Sharon West, director at Attorneys West & Rossouw, when planning a divorce it is important to obtain the following documents beforehand:

  • Copy of your antenuptial contract if you are married out of community of property or a record of your marital regime if you are not.
  • Proof of your spouse’s earnings
  • Copies of your spouse’s tax returns or IRP5s
  • Copies of financial statements of a company or close corporation in cases where your spouse is self-employed
  • Copies of your spouse’s bank and credit card statements
  • Copies of bank statements in cases where your spouse conducts business through a company or close corporation
  • Copies of all documentation relating to your spouse’s retirement fund
  • Copies of all short-term insurance policies
  • Copies of proof of purchases

This article has been prepared for information purposes only and it does not constitute legal, financial, or medical advice. The publication, journalist, and companies or individuals providing commentary cannot be held liable in any way. Readers are advised to seek legal, financial, or medical advice where appropriate.