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Divorce: tips and tricks to get your fair share

27 January 2020 10:25 AM
Tags:
Divorce
Marriage
Gerald Mwandiambira
Personal finance
Certified Financial Planner
cfp
in community of property
out of community of property
marriage regime

Tips (never get married in community of property) and tricks (Want nothing? Put in R1 per year for spousal support anyway.).

Nobody should get married in community of property, warns Certified Financial Planner (CFP) Gerald Mwandiambira (Sugar Creek Wealth).

There are three types of “marriage regimes”:

  • In community of property (what’s mine or yours is ours)

  • Out of community of property without accrual (what’s mine is mine and what’ yours is yours)

  • Out of community of property with accrual (what’s mine is mine and what’s yours is yours – what accrues after we get married is ours)

A young girl covers her ears while her parents shout at each other in the background. Image: 123rf.com

The fairest regime is probably an antenuptial contract with accrual… We share our estates from the day we get married… What we had before, you can’t get those assets…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

Refilwe Moloto interviewed Gerald Mwandiambira, a Certified Financial Planner (CFP) at Sugar Creek Wealth.

Unfortunately, through the love and airy-fairy stuff, we sometimes forget that marriage is all financial. It especially gets nasty when one party has given up a career to raise a family… then suddenly he’s kicking you to the curb.

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

Be rational. Don’t get emotional. Hire a professional who is going to give you independent advice. Don’t get a cheerleader to be your attorney…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

For some people, it’s the start of a double life where you now have to pay for two places to live… Suddenly, someone who was helping you is no longer in the picture…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

Children are not interested in your money; they’re interested in your time. You have to have that built into any divorce settlement…

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

Even if you don’t want anything from him or her, just put in R1 per year for spousal support, because she or he could hit the jackpot in future and you could’ve been the person who supported her or him to get there.

Gerald Mwandiambira, Certified Financial Planner - Sugar Creek Wealth

For more detail, listen to the interview in the audio below.


27 January 2020 10:25 AM
Tags:
Divorce
Marriage
Gerald Mwandiambira
Personal finance
Certified Financial Planner
cfp
in community of property
out of community of property
marriage regime

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