Divorce ke Liye Financial Tayaari
After listening to the divorce, the heart aches. But, for some reasons, many times situations arise that it is not possible for a husband and wife to live together. They are forced to separate their paths.For this, you should prepare financially as well as mentally. Here we are going to talk about some aspects related to this.
1. Know your rights
Emotions prevail during divorce process. The brain stops working. It is important to control emotions during this time. If not done this, the division of marital assets goes in favor of one.Women are often at a loss. Especially women who do not participate in financial decision making during marriage. They remain unaware of joint assets and their share.
2. What does thelaw say about gifts?
The law says that any investment made in the name of a woman in the event of divorce will be part of her personal property. After a recent Delhi High Court order on the Benami Act, properties purchased from known sources of husband’s income in the name of the wife will no longer be considered benami. He can claim a stake in it.Gifts given to a woman at or after marriage are her property. It is called the feminine. Even if Mian-Biwi uses the gifts found during marriage. However, in the event of divorce, that property will belong to the wife.
3. Payment of alimony:
In addition to share in women, property and investment, the woman is also entitled to alimony. Lawyer Mrinalini Dekhmukh, who lives in Mumbai, says that it is decided by the court. Alimony depends on whether the woman does a job or not and how the family is doing.4. After the separation
Life after divorce, they should rebuild their financial plan. Experts say that first of all, you should evaluate your income and expenses from scratch.
5. Prepare Your Financial Goals
After divorce, there is a big change in life. Keeping pace with the new life, keep an eye on the long and short term goals. Emergency funds should be created as soon as possible. Then other needs like insurance, retirement plan etc. should be worked out.
6. Management of Shared Responsibilities
Undoubtedly, the paths of husband and wife are separated after divorce. However, it is possible that some goals remain for both. For example, the child’s education or marriage. Such goals will have to be planned differently again.
Important things
After divorce, there can be a big change in one’s financial life. Financial planner Vishal Dhawan says this is a common problem. He explained, “Partition partners often fail to anticipate future financial obligations.” It is necessary to work on some financial front for the life after divorce. Those who are going to get divorce soon, they should first stop the credit cards and bank account. It is understood from the case of IT professional, Harpreet Singh, who lives in Mumbai.
When he separated after living with his wife Esha for 3 years, he got a huge bill for his wife’s add on credit card. Seeing this at first, his anger flared up. Harpreet thought that he would tear off the credit card bill and throw away the money. He said, “After that a friend of mine suggested that the payment default would affect his credit score and that I might have trouble taking a loan going forward.” After this Harpreet did what he should have done long ago. He called his bank and asked him to block the credit card.
Also Read : Reasons for divorce in India – Talaaq ke Kaaran
Credit score at right Place
A separating couple should be careful about their credit score. If there is a joint loan outstanding, there can be a dispute about its payment. This can have an impact on the credit score of both. Vineet Kumar bought a scooter for his wife by taking a loan. When they divorced, Vineet stopped paying the loan and asked the bank to recover the loan from his former wife. His wife repaid the loan of the scooter, but Vineet’s credit history deteriorated due to the default.