Divorce & how it affects your bottom line

There are many reasons South Africans go into debt to the point where they require debt counselling to improve their circumstances. While it often involves a loss of income, over-spending, unexpected illness or simply an inability to manage personal finances effectively, divorce is also increasingly ranking among the reasons for individuals to seek the assistance of debt professionals.

date: 22/08/2017Author:

The current divorce statistics in South Africa are staggering. According to recent findings, the divorce rate is still increasing even though the number of registered marriages have dropped. For instance, the total number of civil marriages registered in 2015 numbered 138 627, which is 1.5% less than the 150 852 that were registered the year before. At the same time, the number of completed divorces went up from 24 689 to 25 260, a 2.3% increase in total.

What you need to know before you file for divorce in South Africa:

While the divorce process in SA is relatively straightforward, civil marriages can only be dissolved by the courts.

The cost of a divorce depends on the type of divorce filed and the lawyer hired. An uncontested divorce (the kind where both parties agree to the separation, the division of their assets and arrangements regarding their children) can cost anywhere between R800 and R20 000, depending on the complexity of the couple's estate and financial situation.

A contested divorce can cost hundreds of thousands or rand in fees and pay-outs. Drawing up a prenuptial agreement and maintaining open communication on the topic of finances during a marriage helps to manage expectations.

If you want to save money on your divorce, it helps to enlist the services of a divorce mediator beforehand to agree on the division of your assets, etc. Mediators are more affordable than lawyers, and if you can agree on everything before you go to court, you will spend less on attorney's fees.

For more information on debt counselling and credit services to better your circumstances after, or prior to, a divorce, get in touch with Libertine Consultants. If you were married outside of community of property and your partner accrued debt without your knowledge throughout the course of your marriage, you may be able to clear your name.

Every situation differs, so it is best to discuss it with a professional to determine a suitable course of action. We are here to assist you in any way we can. Let us help you to take control of your future by making the right choices today.

Get in Touch

Need to talk to us?
Call +27 (21) 949 2211 for advice on debt in Cape Town and rest of South Africa