How to WIN Your DIVORCE Financially | Finance With Sharan
Published: 2023-03-11
Status:
Available
|
Analyzed
Published: 2023-03-11
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Mutual consent divorce can take up to 2 weeks through court or 60 days through a mediator.
"in case you decide to go to a court it can take up to 2 weeks and if you decide to go through a mediator it can take up to 60 days as well"
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Contested divorces can take years to finalize.
"one of the partner files for divorce individually and this ends up taking a lot of time maybe even years"
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Top divorce lawyers can charge up to 30,000 rupees per hearing.
"if you want the absolute best in the business you know the ones who represent celebrities they can charge as high as 30,000 rupees per hearing"
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In case of joint ownership, courts will default to a 50/50 property division.
"if it says joint ownership the code simply divides the property 5050"
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To ensure a division of property based on individual contributions, the exact ownership percentage must be clearly stated in the land agreement, especially if one party contributes more to EMIs.
"so if you have contributed more to the emis make sure that you include the exact percentage that you own in the house in the land agreement itself"
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The value of the house in question is projected to increase to 1.5 crores after 5 years.
"the price of the house has become 1.5 crores after 5 years"
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If a husband can prove a property bought in his wife's name was acquired with legitimate income, it will not be considered a benami transaction, and he will be considered the owner.
"if the husband can prove that the property was bought with known sources of income then this would not be considered a bami transaction hence the owner of the property would be the husband in this case"
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Rent from a jointly owned property should be split according to the proportion of EMI contributions made by each party.
"the rent can be split in the proportion in which they have paid the aine"
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Joint accounts without explicit agreements on ownership will be split 50/50 by the court.
"if you do not explicitly mention in an agreement how much you own in the joint account then in that case the code defaults to 50/50 split"
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Fathers are required to provide maintenance for children under 18, and also for major children who are unable to earn due to sickness or ongoing education.
"a man is still required to give maintenance if the child is under 18 years of age also a major child can still ask maintenance from his or her father if they're not in a position to earn themselves"
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The higher-earning spouse is typically required to pay 25% of their monthly income as alimony to the lower-earning spouse.
"the higher earning spouse has to give around 25% of their monthly income to the lower earning spouse"
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For a one-time alimony settlement, the higher-earning spouse may have to pay 1/5th to 1/3 of their net worth.
"if it's a onetime settlement then it's about 1/5th to 1/3 of their Network which has to be given to the lower earning spouse"
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Alimony payments can be reduced by going to court if the payer's income decreases.
"in case you get divorced and your income reduces you can go to the court and ask for a reduction in aluminum"
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Receiving alimony as a lump sum payment is tax-advantageous for the recipient as it is not taxable in their hands.
"it is better if the lower earning spouse receives the payment in lumpsum because then it won't be taxable in their hands"
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The payer of alimony benefits more tax-wise by making monthly payments rather than a lump sum.
"for the person who is transferring the alumon to somebody else it is better if they do it in monthly payments"
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Prenuptial agreements are not legally recognized in India; Family Trusts are suggested as an alternative.
"unfortunately prenups are illegal in India but don't worry there's an alternative around it create Family Trust"
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Transferring assets to a Family Trust allows individuals to retain benefits while legally not owning them, thus protecting them from claims in a divorce.
"a trust is a way where you can transfer your assets to the Family Trust and you can still enjoy the benefits of all the assets that are there in the Family Trust but for legal purposes you don't earn it so even if you get divorced your spouse cannot come after you for those assets"
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During divorce proceedings, it is advisable to create or update a will to specifically exclude the spouse.
"during this time please make a will and exclude your spouse from it or if you already have a will make some changes to it to exclude your spouse"
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Non-payment on joint loans by a spouse can negatively impact the other spouse's credit score.
"if your spouse forgets to make some payments now because it's a joint loan even your credit score can get affected"
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To prevent divorced spouses from inheriting life insurance proceeds under the Married Women's Property Act, old policies should be discontinued and new ones purchased with updated beneficiary nominations.
"even if you divorce your spouse and if you die the proceedings of the life insurance will go to the divorce spouse so how to avoid this simply discontinue that old term insurance policy and buy a new one and don't include your you know ex-wife or ex-husband in that"
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It is crucial to update nominees in all major investments, including mutual funds, life insurance, and fixed deposits, after a divorce.
"make sure to change the nominees in all your major Investments such as mutual funds life insurance policies fixed deposits and so on"
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