In sickness and in health, till death do us part these kinds of vows are all too easy to break. A marriage may be forever on the day of the union, but the reality is that not all marriages make it to the end. When a marriage heads towards divorce, its likely you wont just leave with a broken heart but a broken budget as well.
Of course, in a perfect world, we all get married to stick it out for the long haul. But divorce is an ever-present spectre in the marital journey. The latest Statistics South Africa data shows us that our divorce rate is on the rise, so it doesnt make sense to blindly predict that your marriage will make it to the end. You need to be financially prepared for the fiscal realities of a potential divorce.
While an uncontested divorce can cost in the region of R5 000 - R10 000, a contested divorce costs can skyrocket beyond R50 000. Thats a lot of money, but when youre in the middle of a divorce, youll likely do all you can to ensure a speedier resolution.
Divorce is never easy. It's a journey that tests the very core of your emotional and financial strength. As you navigate the turbulent waters, the heartbreak can feel all-consuming. Yet, amidst this emotional upheaval, the stark reality of financial strain looms large, adding another layer of stress to an already challenging situation.
Yes, its an emotional rollercoaster, but divorce can have significant financial consequences, potentially affecting savings, retirement plans, and overall financial stability. Understanding these impacts is the first step in protecting your financial future. Divorce can deplete your savings and disrupt long-term financial plans, making it essential to be aware of the potential costs and to plan accordingly.
