Are you looking to know What to Ask for in a Divorce Settlement? then, read this article to know about it
What to Ask for in a Divorce Settlement?
Marriage is said to be the uniting of two soulmates for the rest of their lives. It is an important decision that involves spending their whole life together. Unfortunately, sometimes the marriages may not work, and due to some reasons, the couple decides to end their marriage. This results in a huge wave of negativity in their life. One has to face so much trauma, and it also leads to financial loss. After separation, while being independent there is always a need for financial aid. As one of the married partners might be dependent on the other economically. Emotional loss is equal for both, but the whole point is for the partner who cannot support oneself financially. Therefore, settlement of divorce or alimony can be an option that can reduce the financial gap after separation.
These settlements can be calculated based on negotiations, mediation, or legal proceedings. In simple words, a Divorce settlement is an arrangement or understanding between the two partners who are divorcing on the matter of financial or business proceedings. Divorce settlements are also known as martial settlement agreements, separation agreements, and mediated agreements. The surname or title such as Mrs. or Miss can be at the option of the divorcing partner even after the separation. They can also prefer not to change their surname. In the USA, there are specific laws regarding types of settlements.
These are property distribution, child custody law, child support laws, and alimony laws. The law of divorce settlements varies from one country to another. In some cases, the divorce settlement involves the children of the separating couples. The courts have to be diligent, and the decision must be taken in the favour of the child. According to researchers, in most of the divorced households, the children are affected badly. Their studies, mental health, and well-being are at stake. The judge has to make better decisions on the divorce settlements, which will not affect their children. The following are the steps that will be required to prepare a proper plan for a money-smart settlement of divorce:
GET PRACTICAL AND TAKE IT AS A BUSINESS DEAL:
The primary step is to move on and think practically for the life ahead. No matter how much you are to your partner, marriages can end miserably in most of the cases. The process of divorce will break your emotions, and you can also be a patient of depression and anxiety. According to psychology, many people always tend to think about the past and present but rarely think about the future of their lives. However, money is an essential part of eternal well-being. To make a living in today’s world, you must be earning money. If one wants a fair divorce settlement, it is advisable to consider the whole process as a business deal. As per the suggestion of the experts, one partner should financially think and get a fair settlement with the help of legal proceedings.
AWARE OF YOUR RIGHTS:
Due to various cultures and religions, there are different types of marriage law registered under different communities which are governed by the particular law. As a result, in India, there is not one specific secular law for marriages. However, under the Special Marriage Act, all the personal laws are included. As per the provisions of the Hindu Marriage Act, a woman can expect three kinds of payments from her spouse after separation. These are alimony, maintenance, and in some cases both alimony and maintenance. Payment of lump sum money paid by the husband to his wife post-separation is called alimony. The monthly payment of money is known as maintenance. This law also provides reverse settlement in the case, where the husband is the non-earning partner. The verdict of the court regarding settlement amount is usually based on property, income, and other sources of finance.
BE PREPARED FROM THE INCEPTION ITSELF:
Life is full of uncertainty, and everyone should prepare themselves to face every problem. Just as we plan for the death of any family member, likewise proper planning for the marriage is also required. For example; when the couple has properly decided equal and clear financial plan, it not only makes the settlement process fair and quick, but it also helps to avoid unfortunate things that generally happen in a divorce case. It is recommended that both partners maintain a clear list of financial records of high-value property. Ideally, both husband and wife should deposit their income in a joint account to run the household. This will lead to taking responsibility for finances from the beginning, and later on, it would help in avoiding conflicts arising on the subject matter.
GET A CLEAR IDEA OF YOUR SHARE:
Before filing for divorce settlement, he or she must be fully aware of the claim asked in the courtroom. In India, there is no martial property as such, all the acquisition of assets after marriage will be the exclusive property of the person who had made the payment. To ensure a fair and clean deal of a divorce settlement, one should maintain a clear title of assets that are purchased during the marriage. It is allowed for both partners to have full control of the financial data. Without any clear evidence for ownership of marital property, a woman has no right to claim marital property.
COUNT YOUR MONEY RIGHT:
Preparing a proper budget not only assists in planning for upcoming financial problems but also helps in determining the settlement amount at the time of separation. One should properly analyze all the estimated investment plans and expenses post-separation. If you are winning the custody of your children, all the costs related to education and other household expenses should be figured out. The experts suggest selling the home which was registered in the names of both, and the amount realising from the sale can be shared among them proportionately. When the custody of the child is given to a woman, they have to be extra diligent on the matter of cost and expenses borne by their father. The father will remain the natural guardian, but in some legally complex terms, the mother will be the guardian when the father is found to be absent.
CONCLUSION:
Divorce is a very unfortunate thing that can happen in anyone’s life. Consequently, either of the partners can ask for a divorce settlement as the case may be. It is recommended to hire a professional, who is associated with divorce settlements and a financial planner of your money.
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