The top 6 financial planning steps to take before divorce include gathering all your vital financial documents, calculating income and expenditure, creating a budget plan, closing joint accounts, updating your will and insurance, and enlisting the aid of a financial advisor.
Divorce settlement agreements are legally binding documents stipulating your divorce’s agreed-upon terms and conditions. Its key components include child custody and visitation rights, maintenance orders, child and spousal maintenance, and the division of finances and assets.
A financial planner is an often overlooked but immensely beneficial ally during divorce. They can aid you and your divorce attorney through the process of getting the best possible outcome in your divorce settlement.
Be sure to prepare what you’ll say before talking to your children. Also, consider where you’ll have this conversation and ensure both parents are present. Above all, honesty is vital; reassure your kids that you both love them and will keep looking after them.
If the husband’s domicile at the time of the marriage was in South Africa, South African laws govern the divorce. However, if the husband is a foreign national, the laws of his domicile apply.