Securing Your Entitlements and Future
Financial Preparations
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Gather all financial documents like bank statements, investment details, property papers, etc., to assess the overall financial situation.
- As an NRI, consider how your assets, including property in India, are treated under inheritance tax in India for NRI.
- If you have a trust with non-resident beneficiaries, it can help safeguard your assets in India.
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Open separate bank accounts and credit cards in your own name to establish financial independence.
- Trust registration can be a strategic move for NRIs to safeguard assets, especially when planning for future generations.
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Secure your income sources and ensure you have access to funds for daily expenses.
- Setting up a trust with non-resident beneficiaries can help manage your assets effectively.
Alimony and Child Support
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You are entitled to alimony and child support from the husband based on his income and your standard of living during the marriage.
- Consider how inheritance tax in India for NRI might affect your future income, especially if you inherit assets.
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Alimony is usually 25% of the husband's net salary, while child support depends on the child's needs.
- If you are an NRI, consider setting up a trust with non-resident beneficiaries to help manage your financial future.
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Ensure the divorce settlement includes a clause for periodic review of alimony based on inflation and the husband's income growth.
- Review how inheritance tax in India for OCI applies to you, particularly when planning for long-term financial stability.
Asset Division
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You have equal rights over marital assets like property, vehicles, investments, etc., acquired during the marriage.
- For NRIs, setting up a trust with non-resident beneficiaries can help manage and protect assets in India.
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If the property is in the husband's name but you have financially contributed, you can claim a share.
- Consider trust registration to protect your share of marital assets and minimize complications.
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Jewellery and gifts given to you by your parents are your exclusive property.
- Register a trust in India to avoid future disputes over these assets, especially for non-resident beneficiaries.
Financial Planning
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Consult a financial planner to restructure your finances post-divorce and plan for your future goals.
- Understanding inheritance tax in India for NRI rules will help ensure long-term financial security.
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Ensure you have adequate life and health insurance coverage for yourself and your children.
- Consider registering a trust using power of attorney to manage your assets in India efficiently.
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Invest prudently to build a corpus for your long-term financial security.
- Trust registration can further secure your estate and reduce the impact of taxes, especially regarding inheritance tax in India for OCI.
Also Read: How are property, jewellery divided after a divorce in India for husband?