We study the intra-household effects of South Africa’s Older Person’s Grant on perinatal depression. We document two stylized facts: First, depression risk declines with increased wealth and women show higher levels of depression risk than men across all wealth deciles. Second, among women, depression risk increases during pregnancy and only slowly declines in the months after delivery. Next, leveraging the age-eligibility threshold of the Older Person’s Grant, we show that the grant reduces the risk of perinatal depression among co-resident women. These results demonstrate the possible spillover benefits of social protection programs already operating at scale.