Divorce can be defined as an unexpected milestone in an individual’s life. It has a significant impact on the finances of couple involved. Mutual divorce is a process where husband and wife settle the all aspects of financial separation on terms acceptable to both. Under such situation, the mode and details of the settlement are in the couple’s hands. It is possible that a divorce settlement includes no or very little asset and money. After deciding on the terms, the couple simply needs to reaffirm the entire agreement in the court of law.
Here are some tips to help you make the divorce less stressful:
Most of the complications occur due to financial matters. Hence, it is crucial to keep emotional aspects away when making a decision. Assess your cash flow before discussing or deciding. Prepare household budget. It should be based on your monthly income and expenses. Sit and talk with your spouse while taking into account all savings and assets.
List all of your savings and assets prior to splitting such as car, insurance policies, house, car, retirement plans, investments, cash, loans etc. The best advocate in India will suggest you to list down all household goods too such as television and refrigerator. Thereafter, it is time to list down the present market value of the savings and assets. A financial consultant or planner can help you determine the exact value. The division needs to be based on the contribution made by each spouse.
It is also important to assess liabilities. One should also take into consideration, existing loans or debts.
Division of Assets
To ensure the best results, it is crucial to divide assets. Prepare a list of assets and liabilities with their current. As per the law, there is a provision for rights of a husband over his wife’s property if he is unable to maintain himself.
When both are working, the husband is not required to pay for routine expenses of wife. In case, the wife is not working, the husband should support her by paying a fixed sum periodically or lump sum one-time payment.
When the wife is not employed or does not earn adequately, she is entitled to claim for alimony. Additionally, if she is earning but the money earned is not sufficient for supporting similar living standard as that of her husband, the husband must give alimony.
A maintenance amount is also entitled to a wife who is dependent on her husband.
Having children can make things complicated if the couple has children. For, in such a case, the priority of the settlement is to protect their interests. Irrespective of who gets the custody of children, both would ideally want to arrange for their welfare. Spouses can agree to a lump sum payment or a fixed payment to the person who gets the custody of the child.
A live-in partner possesses rights similar to a wedded wife. Here, it is important for a couple to have shared a relationship similar to marriage. When the condition is satisfied, the female possesses similar rights to maintenance and residence.
Hiring one of the best advocates in India holding experience of handling divorce cases can help you a lot. They are experienced and can help you arrange for all requisite documents for the procedure. A good lawyer will also help you to understand the best way to share assets, liabilities and parental responsibilities without making things ugly or complicated. It is important to inform the court about settlement when applying for divorce.
Take help of an experienced professional for preparing separation agreement. This agreement will serve as the main framework for the divorce settlement. It helps tackling all crucial issues associated with separation including the following:
– Child custody
– Splitting of assets
– Wise splitting of debts
The team of law professionals will also make sure the document is properly drafted and worded in a way that it provides both partners equal and fair rights.
Prior to arriving at an agreement on fiscal aspects of separation, it is crucial that you start groundwork via updating records of all monetary assets. Make sure you retain all bills of assets held in your name.
Most law professionals advice their clients to maintain photocopies of various bills of assets (all of those held jointly). This is the best option if you do not have the originals.
To Sum Up
Although mutually agreed divorce is not a complicated process, it is important that you keep I mind all of the above listed points to make sure no complications occur in future. Additionally, taking help of a professional lawyer will ensure the procedure is undertaken smoothly and in a timely manner. =====================================================================