Prenuptial Agreement: This is something that couples do before they are married to help eliminate the possibility of alimony payments if they divorce. A prenuptial agreement is a legal agreement between the couple outlining what will take place as far as the division of property is concerned should they divorce.
How can I protect my income from alimony?
Following are nine tactics you can use to keep more of the money you earn – and avoid paying alimony.
- Strategy 1: Avoid Paying It In the First Place.
- Strategy 2: Prove Your Spouse Was Adulterous.
- Strategy 3: Change Up Your Lifestyle.
- Strategy 4: End the Marriage ASAP.
- Strategy 5: Keep Tabs on Your Spouse’s Relationship.
Can a pension fund deduction be made in a divorce?
A pension fund is only allowed to make deductions from a pension benefit as set out in sections 37A and 37D of the Pension Fund Act. ‘Pension interest’ is defined in the Divorce Act for every type of fund except a preservation fund. According to the Pension Funds Act, ‘pension interest’ may be any one of the following types:
Can a divorce order be directed at a retirement fund?
The fund must be ordered to pay the non-member spouse. In other words, there must be an order to pay, and the order must be directed at the fund (not the member, for example). The divorce order must be valid, ie issued by a High Court, regional court or divorce court. The member must still be a member of the fund on the date the divorce is granted.
How does pension offsetting work in a divorce?
Pension offsetting: pension offsetting is when you use the value of your pension to offset other assets, such as property. It could allow you to keep your pension, for example, while your former partner is awarded a larger share of another asset such as your shared home.
When to split a pension after a divorce?
If a pension is divided between divorcing spouses, it must generally be done at the time of divorce when other marital assets are divided.
