Financial Checklist Divorce Checklist

In South African divorce proceedings, especially contested ones, a meticulous financial disclosure is crucial to ascertain the precise nature and value of marital assets. This disclosure aids in the fair distribution of assets, as well as in determining maintenance and support obligations. Parties are mandated to disclose a comprehensive account of their financial affairs, spanning a period of three years or more, which encompasses a thorough examination of assets, liabilities, and all pertinent financial transactions. Below are the essential documents and information that need to be acquired to gain an accurate insight into the financial landscape of the divorce:

Proof of Spouse's Earnings:
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• Particularly vital when claims for child maintenance and/or spousal support are on the table.
• Facilitates the assessment of a party's 'means and obligations'.
• Primary evidence includes salary slips, while employment contracts detailing bonuses are also substantial proof of earningsTax

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Returns or IRP5s:

• Offers a snapshot of your spouse’s annual income, crucial for accurate financial assessment.

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Finance or Lease Agreement Applications:

• Obtainable via subpoena to the relevant financial institutions.
• Information provided in such documents, often under oath, serves as reliable evidence of earnings.

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Financial Statements:

• Essential in cases where a spouse is self-employed, to determine their income accurately.
• Covers companies or close corporations managed by your spouse.

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Bank and Credit Card Statements:

• Unveils the nature of funds inflow and expenditure patterns.
• Disclosure of all accounts is mandated, even those under aliases or third-party names.

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Company Account Statements:

• Relevant where business operations are conducted through a company or close corporation controlled by your spouse.

Insurance Policies:

• Discloses the scope and value of available assets, contributing to the accurate valuation of the estate.

Retirement Fund Documentation:
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• Crucial for parties married in community of property or out of community with accrual, to ascertain entitlements and evaluate estate values.

Short-term Insurance Policies:
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• Reveals a spectrum of movable and immovable assets owned by your spouse.

Proof of Purchases:
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• Key in determining contributions towards common household expenses and bigger assets like properties and vehicles, relevant for asset redistribution especially in marriages out of community of property before 1 November 1984.

Assets and Liabilities Schedule:
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• Acquiring recent valuations of movable and immovable properties aids in obtaining a clearer financial picture.

Antenuptial Contract or Marital Regime Record:
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• Vital in understanding the framework for asset division upon divorce, based on the marital regime agreed upon.

Monthly Income and Expenses List:
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• Providing a current financial snapshot, with detailed records of expenses, enhances the understanding of living conditions post-divorce, whether living alone or with children.

​The aforementioned elements, meticulously compiled and analysed, form the linchpin for an equitable resolution in divorce proceedings. They underpin the financial discourse, enabling the court to make informed decisions on asset distribution, maintenance, and other financial obligations. This exhaustive financial disclosure also lays the groundwork for a transparent and accountable process, mitigating potential disputes and fostering a spirit of fairness and justice in the face of marital dissolution.