How men can protect their finances while going through a divorce
Here are the key points on how men can protect their finances while going through a divorce:
Men can protect their finances during a divorce by securing assets and understanding their rights under the NRI divorce procedure. In cases like NRI dowry case in India or NRIs mutual divorce India, it's crucial to have legal guidance to ensure a fair financial settlement.
Precautions to Take Before Divorce
Hire a financial planner and lawyer to get professional help navigating the legal and financial aspects of NRI divorce procedure.
Know your rights regarding assets, property, and liabilities so you don't lose your claims. For example, you have no right over the wife's "streedhan" (gifts and assets received before/during marriage).
Make a detailed list of all your income sources, expenses, debts, and assets to assess your financial situation comprehensively.
Separate your finances by closing joint accounts, stopping the use of joint credit cards, and removing the spouse as a nominee from investments.
Transfer assets to parents or create a family trust to protect them from being split during divorce.
Draft an agreement as business partners to protect co-owned properties and businesses.
Legal Fees and Alimony
Depending on complexity, legal fees range from ₹50,000 to ₹5-7 lakhs for a contested divorce.
Alimony is based on both spouses' financial capacity. The benchmark is 25% of the husband's salary when paid periodically.
The court considers factors like financial status, marriage duration, age, health, income, standard of living, and non-monetary contributions to determine alimony.
Child Custody
Under Hindu law, the mother gets custody ofNRI children under 5. For older children, either parent can get custody based on the child's welfare.
Muslim law gives NRI Child Custody rights to the mother until the son turns 7 and the daughter reaches puberty.
Christian law allows the court to decide custody based on the child's welfare, even denying it to unfit parents.
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Here are the key points on how men can protect their finances while going through a divorce:
Men can protect their finances during a divorce by securing assets and understanding their rights under the NRI divorce procedure. In cases like NRI dowry case in India or NRIs mutual divorce India, it's crucial to have legal guidance to ensure a fair financial settlement.
Precautions to Take Before Divorce
Hire a financial planner and lawyer to get professional help navigating the legal and financial aspects of NRI divorce procedure.
Know your rights regarding assets, property, and liabilities so you don't lose your claims. For example, you have no right over the wife's "streedhan" (gifts and assets received before/during marriage).
Make a detailed list of all your income sources, expenses, debts, and assets to assess your financial situation comprehensively.
Separate your finances by closing joint accounts, stopping the use of joint credit cards, and removing the spouse as a nominee from investments.
Transfer assets to parents or create a family trust to protect them from being split during divorce.
Draft an agreement as business partners to protect co-owned properties and businesses.
Legal Fees and Alimony
Depending on complexity, legal fees range from ₹50,000 to ₹5-7 lakhs for a contested divorce.
Alimony is based on both spouses' financial capacity. The benchmark is 25% of the husband's salary when paid periodically.
The court considers factors like financial status, marriage duration, age, health, income, standard of living, and non-monetary contributions to determine alimony.
Child Custody
Under Hindu law, the mother gets custody of NRI children under 5. For older children, either parent can get custody based on the child's welfare.
Muslim law gives NRI Child Custody rights to the mother until the son turns 7 and the daughter reaches puberty.
Christian law allows the court to decide custody based on the child's welfare, even denying it to unfit parents.
Also Read: Alimony in NRI Divorce Cases: Key Factors That Determine Financial Support