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Monad International | Divorce and Your Finances
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Divorce and Your Finances

Divorce and Your Finances

How money becomes an issue of marriage

Divorce is one of those taboo subjects that we as a society don’t really talk about. Actually, let’s talk about it. Here on Smartfinance, we would like to take a look to how money becomes the problem that tears people apart.

According to The Ministry of Women, Family and Community Development, the 3 main causes are financial issues, third party intervention and physical and mental abuse, with 17,359 cases involving finances. This may not be the case for all divorcees but it is a common factor.In fact both men and women think that the lack of mutual understanding between one another may also play a factor in this.

A relationship, this includes marriages, thrives on.

Not only money is the cause of the divorce, it is also part of the divorce proceedings and it differs from Muslims and Non-Muslims. Generally, the Non-Muslim cases go through High Court under Family Court and the court fees and legal fees are to be paid.

While such fees may seem small at first, the real burden comes in later with the proceedings being a non-contested or contested case. It may cost from RM 3000 to 6000 for non-contested cases where both parties are in agreement but this is different for contested cases where it can rack up until RM 50,000. Not to mention the time it will take for a divorce proceeding can be as long as 3 months or even up to 3 years.

Similarly with Muslim divorce cases, it will also involve legal fees but it is governed under the Syariah Court.

If it is a money issue that can be resolved in a short period of time, always remember to consult and confide with your significant other about your issue. Marraige and relationships in general are built upon a mutual trust with each other and the ability to communicate problems, and this includes finance issues. So before the break even happens, manage your finances well as a married couple.

While we can understand that certain divorce cases are necessary, it is important to know such information in the events you are going through with this. It is vital for you to plan ahead of time in the events such things come across especially for your living essentials, for your children’s needs such as child support and monthly sustenance and the future expenses that may come your way.

Sources: loanstreet.com.my • asklegal.my • nst.com.my

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