A Kaya FM boss has undertaken to nominate his estranged wife as the beneficiary of his R11-million life cover policy if he dies on or before June 30 2024.
The peculiar details are contained in a divorce settlement that the couple signed and submitted to the high court in Johannesburg last week.
The Johannesburg-based station boss, who cannot be named for legal reasons, has applied for a decree of divorce after separating from his wife, who also cannot be named.
In the court papers that we have seen, the station boss states he has undertaken to sign some documents to nominate his wife as the beneficiary in respect of the death benefit to be paid to her by a well-known insurance company.
This provided she is still alive at the time of his death.
He said his estranged wife will be entitled to R10.5-million from a life cover policy he has taken with an insurance company if he dies on or before June 30 2024.
The insurance company is known to Sunday World.
His wife, show the court papers, will be entitled to R9.3-million from the death benefit payable if he kicks the bucket on or before June 30 2025.
However, if he pops his clogs on or before June 30 2026, his wife will receive R8.1-million from the death benefit.
She will be entitled, read the court papers, to R6.9-million from the death benefit in the event that he goes six feet under on or before June 30 2027.
“The defendant shall be entitled to an amount of R5 700 000 from the death benefit payable in respect of the policy in the event that such benefit is payable on or before 30 June 2028,” read the court papers.
According to the papers, the longer the Kaya FM boss lives, the less money his estranged wife will receive after his death.
She will get R4.5-million, according to court papers, if the radio station boss gives up the ghost on or before June 30 2029, and R3.6-million on or before June 30 2030.
If he cashes in his chips on or before June 30 2031, she will receive R2.7-million but R1.8 if he dies on or before June 30 2032.
The lowest amount that the estranged wife will receive is R900 000, if he meets his maker on or before June 30 2033.
In addition, the Kaya FM boss undertook to pay her R50 000 spousal maintenance from the 25th day of each month until she cohabits with a romantic partner or remarries.
This amount, read the court papers, will be paid to the estranged wife until she dies or by the end of June 30 2033.
The quantum will increase by 5% a year from the first anniversary of their divorce.
Also, he will pay her R300 000 every year in June as a holiday allowance, as well as an “ad hoc” allowance of R200 000 payable yearly in November.
He will also pay his estranged wife R25 000 per month.
The money will be paid into the endowment policy of her choice.
According to court papers, he purchased a R3.9-million Range Rover SUV for his estranged wife in April after she returned to him a pricey Maserati.
Detailing why they drifted apart, the radio station boss said they had outgrown each other and separated about five years ago.
“The marriage relationship between the defendant and me has irretrievably broken down. In this regard, I state that we have different interests and we lead separate lives,” read the court papers.
“In light of the fact that we have grown apart and have lived apart for in excess of five years, both the defendant and I have no interest in a continued marriage relationship and wish to be divorced.”
He said he has applied for a decree of divorce because there is no prospect of restoring their union, hence they signed the settlement agreement on June 1.
“Wherefore, I humbly pray that it may please the above honourable court to grant an order of divorce and that the annexure B [settlement agreement] be made an order of court.”
Follow @SundayWorldZA on Twitter and @sundayworldza on Instagram, or like our Facebook Page, Sunday World, by clicking here for the latest breaking news in South Africa.
