Categories: LifestyleNews
| On
2023-12-11 9:34 AM

South Africans Navigate Post-Breakup Finances

  • Financial Settlement: Encourages an amicable settlement discussion with the ex-partner, especially regarding shared responsibilities and childcare arrangements.
  • Budget Adjustment: Advises reworking budgets post-breakup to align with revised income and potential contributions from the former partner. Emphasizes evaluating expenses and making necessary adjustments.
  • Legal and Future Preparedness: Stresses the importance of updating financial affairs, preemptive discussions about finances before serious commitments, and understanding legal implications of marriage contracts to ensure financial clarity and preparedness.
By Miriam Matoma

The festive season often ushers in joy and celebration, but for many in South Africa, it marks the onset of what’s unofficially known as “heartbreak season” or “Dump Month.” It’s a time when relationships unravel, leading to an influx of inquiries about divorce, earning the first working Monday in January the nickname “National Divorce Day” among legal circles.

Queen Malobane, the Provincial General Manager of Gauteng at Metropolitan, stresses the need for swift financial action amidst the emotional turmoil of a breakup. “The end of a serious relationship can be emotionally challenging, but its financial implications are equally significant,” she highlights.

For those navigating the complexities of post-breakup finances, Malobane offers invaluable advice tailored for South Africans:

Reaching a Settlement

Malobane urges individuals to seek an amicable settlement with their former partner as soon as possible. “Initiate an open and understanding discussion to determine shared responsibilities, especially when children are involved,” she advises.

Relooking Your Budget and Lifestyle

Once a settlement is reached, recalibrating your financial plans becomes imperative. “Reassess your budget according to your revised income and potential contributions from your former partner,” she emphasizes. “Evaluate your expenses closely and identify areas where adjustments can be made, such as cutting down on luxuries or considering a more budget-friendly accommodation.”

Update Your Affairs

Beyond budget adjustments, Malobane underscores the importance of updating financial commitments. “Review beneficiaries listed in wills and insurance policies, ensuring they align with your current circumstances. Removing your ex from certain policies can also yield savings that can be redirected into your revised budget.”

Thinking Ahead

Malobane encourages preemptive discussions before serious commitments. “Prior to marriage or entering a committed relationship, open dialogue about earnings, debt, and spending habits is crucial. Understanding each other’s financial standing and obligations to family members provides essential clarity.”

Learn the Law

Understanding legal aspects before tying the knot is essential. Malobane emphasizes, “Familiarize yourself with marriage contracts and their implications, especially concerning property ownership and financial responsibilities.”

While financial preparedness is crucial, Malobane also highlights the significance of emotional well-being. “Financial concerns should not hinder one from leaving an abusive or unhealthy relationship. Prioritize your emotional health for a fresh start,” she advises.

“Hope for the best, but plan for the worst,” Malobane reiterates, emphasizing the necessity of transparency and preparedness in financial matters.

For South Africans navigating the turbulent waters of post-breakup finances, Queen Malobane’s advice stands as a beacon, guiding individuals toward financial stability and emotional well-being.

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Miriam Matoma

Miriam is a freelance writer, she covers economics and government news for Rateweb. You can contact her on: Email: miriam@rateweb.co.za Twitter: @MatomaMiriam