Divorce – Falling Off the Property Ladder
Whether you are plaintiff or defendant, divorce is just a nasty business frequently resulting in both parties having to downgrade lifestyles and, in many cases, fall off the land ladder altogether. In today’s ever changing financial state it’s frequently rather difficult to recover that lost earth. Recent statistics from South Africa show that whilst it is more often than the woman that files for divorce, it also frequently the girl who comes off worst financially.
The days of chivalry are long gone.
Gone are the days of this gallant, soon to be exhusband Houses for sale in Accra bequeathing your home, car and chattels into the prospective ex wife for the whole period of increasing the kids. It’s much more likely that the husband will consider 50:50 a fair split even though the wife is forecast to house, feed, clothe and raise any offspring of this union.
Courts usually do not yet take into consideration which the life style shift foisted upon us as a consequence of divorce also means not having a person in the home. This consequently contributes to feelings of bitterness which could indicate an area change and further expenses. Typically divorce additionally means reduced finances, and whilst your ex might have agreed care with annual gains, it’s often insufficient to keep the present living standards and hard to apply.
The security dilemma for all women becomes evident in figures that reveal that while 7.3percent of South Africans reside in greater Cape Town, 16% of most divorcees live there. Small coastal towns also boast a higher proportion of divorcees and also”semigration” is fast becoming the newest fashion as single women flock to the shore for security.
Apart from the influx of wealthy’up country’ families escaping the stresses of rising crime, the coastal areas of South Africa are also receiving more than their fair share of divorcees and unmarried women as they no longer hang their ex-husbands upper tails but are still feeling empowered and striking out on their own seeking security and lifestyle for their families that are smaller.
The extra allure of buying at the shore is that the land can be utilised to acquire a stylish income from if needed. When it’s derived from leases that are constant or tourism rentals, a lockup and proceed about the Garden Route is the perfect earner and’semigration’ is keeping property representatives, removals bankers and companies busy whilst breathing oxygen in to drowsy tourist towns.
The consequence of this IT revolution on divorcees
“The IT revolution has published the stay at home Mom and lets them check additional afield in their quest for security. Women coming out of a divorce situation know that security is a huge issue and they are prepared to down scale for wellbeing and security” – Sheena Maree, Sothebys International
Property is significantly more affordable in towns like De Rust and Greyton, George and Aberdeen and unmarried mothers have the choice of boarding schools and community schooling near.
To enable them to get back on the property ladder some divorcees are spending a couple of years working abroad to give their investment finance which needed cash injection. Care givers, nurses, radiologists and administrative workers are in fantastic demand and will earn as many as five times what they are paid in South Africa which is really a welcome boost toward that lockup and go in picturesque Knysna!
A new Specialized Niche for Property Developers?
Property representative Deborah Scott of Pam Golding Properties in Knysna informed her Mortgage which she anticipates a big change in the market as more single women are looking for entry level property in addition to high luxury secure properties for themselves following divorce.
“High luxury apartments at the water’s edge appeal tremendously to screened, kid absolutely free women seeking security in an appealing environment, close to airports and at a town big enough to give them all necessities. I do believe that the faces of those towns will soon be altered to adapt the trend.”
The Royal Eagle Investment Fund established in George is apparently doing . Dutch possessed Royal Eagle Property Fund PCC can be an foreclosed property investment finance based in March 2007 to get in direct property assets. They manage the finance in an extensive array of innovative property investment vehicles. The focus, however, is always to get directly in land in the Garden Route area, ear signaling high density growth plots.
Which are South African long-term lenders doing scooping up this marketplace?
Her Mortgage had a peek at what the primary South African banks are offering divorcees to alleviate the strain. Exactly. Nothing! Yet within the United Kingdom mortgage bundles for divorcees have now been around for some time now for people that are financially determined by their own ex partner. It enables those receiving regular care payments and/or those self employed to obtain a mortgage within their own right and provides quite a few tasty’add ons’ to facilitate that transition from couple into single.
Why are South Africa’s Tax laws undermining marriage?
Recognizing what drives the higher level of divorce from South Africa is difficult however certainly blame can be laid at the feet of this law enforcement government as our existing tax legislation simply do not encourage union. Recent online articles say that the speed of divorce is rising with the interest rates in South Africa.
Any advantage that provides you with income is seen as jointly possessed and all you will be required to account for such amounts in each tax return – separately. Each spouse will be taxed on 50% of the income received.
This has similar permutations on Capital Gains Tax too. The good news however, is the fact that the proposed Civil Union Bill can lead to the concept of a marriage’in community of property’ where joint estates are created, falling apart but remember it may well not impact people already wed. Hopefully this can support South African couples never to divorce for financial reasons!
It’s time to catch the reins and find!
With inspirational e book earnings on finance standing full of women’s markets and novels including Suze Orman’s latest”Women & Money” dangling off the shelves, Her Mortgage may only conclude that women want to learn about money and fund. For too long it’s been the realm of the Southern African man and women have conceded this too frequently to maintain the peace in the home and never ruffle male feathers.