JOHANNESBURG – Divorce can have a substantial impact on an individual’s financial position, especially where finances are involved and where a settlement agreement has been reached by both parties.
Ester Ochse, Product Specialist at FNB Wealth and Investments says, “while this could be a very difficult time, this doesn’t mean that you must forget about your financial future. It is advisable to relook your financial position holistically and start a financial journey in the right direction over a long-term period.”
Ochse unpacks areas that need to be prioritised when embarking on a new financial journey:
Budget: relooking your budget will enable you to identify and prioritise negotiable and non-negotiable expenses so that you are able to meet all your household needs at the end of the month.
Will: update your Will after a divorce to ensure that your assets are allocated to the beneficiaries you want.