In India, divorce cases are relatively less as compared to foreign countries. However, in recent times, metro cities have witnessed a rise in divorce applications. Facing a divorce can not only be emotionally disturbing but also prove to be financially burdensome in the long run. Therefore, it is essential to put finances in order while preparing to face a divorce.
Starting over from a financial point of view can be extremely difficult, especially when there are shared assets involved. The process of splitting assets into two households can be expensive as well as complicated. However, this aspect shouldn’t be overlooked because claiming financial independence after experiencing a divorce is of utmost importance.
According to the Law Commission, the entire property should be shared equally between the spouses after a divorce. Therefore, one of the primary things anyone should do is evaluate the living expenses in relation to income. The expenses may include outstanding debts, any child support, mortgage, insurance policies, health care and any other monetary ties you had with a former partner.
There may be many different aspects that you shared with your previous partner which you’re now facing alone, but the primary thing to do is work through them until you have set clear, achievable goals for yourself.
In India, divorce laws are dependent on religious communities to a large extent. Due to this, the divorce procedures can be lengthy and hence it is advisable to be financially prepared until a settlement is made.
For women who’ve relied on their spouse to handle all the bill-paying and financial decisions, a divorce can be even more overwhelming. In addition to their new financial liabilities, they are also likely to deal with decreased income and debt problems. Therefore, financial planning for divorced women becomes even more important.
One way to avoid debt after a divorce is to find ways to consolidate the debts through a home loan, personal loan or divorce loan. This will help them minimize the monthly repayments to a more manageable option.
Lawyers’ fees often depend upon the financial status of the party fighting the case and whether the divorce is contested or mutual. As a result of this, getting a divorce in India can be an expensive process. Therefore, in case of any doubt, it is advisable to seek help from a financial advisor, who will be able to help you out in such a situation. After experiencing a divorce, your financial goals are likely to fluctuate in the beginning. However, it is crucial that you don’t take your eye off the bigger picture and keep control of where your money is going.
Planning your finances after a divorce can be a time-consuming process and hence you can consider your reasons to take a personal loan. Therefore, you should keep your calm, have patience and soon you’ll find yourself back in the driver’s seat of your finances. Financial planning for women after a divorce is a very important factor. This can help them bring their life back on track after and lead a stress-free life.
