The divorce rate in South Africa is rising, resulting in severe impact on a large of number of minor children.
This is according to the latest Statistics South Africa (Stats SA) report, which revealed a 10,9% increase in divorces.
According to the findings, 55,3% of these cases involve minor children – negatively impacting about 18 850 children last year.
The Stats SA report also revealed that the majority of divorces were from first marriages.
“With 42% of divorces occurring within the first nine years of marriage, it’s critical to have a plan,” said Sebastien Alexanderson, head of National Debt Advisors, who emphasised the importance of planning for financial security within a marriage should be as natural as planning for retirement or securing life insurance.
“It is crucial to understand the terms your marriage contract.
“It is a crucial step in securing financial independence,” said Alexanderson.
“It impacts your financial rights in divorce.
“Comprehending marriage contracts, which determine how assets and debts are divided, and can significantly impact both parties’ financial future.”
Striking a balance, he encourages building financial independence within marriage, which entails maintaining personal bank accounts, establishing credit in your name, and ensuring assets like vehicles are registered to you.
“This is not just about preparing for divorce, it’s about having financial freedom and security during marriage. Active involvement in household financial decisions is also crucial for partners who may not be the primary breadwinner to guard against economic vulnerability in the event of divorce,” said Alexanderson.
