Here are the key points on how men can protect their finances while going through a divorce:
Precautions to Take Before Divorce:
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Hire a financial planner and lawyer to get professional help navigating the legal and financial aspects of divorce.
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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).
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Make a detailed list of all your income sources, expenses, debts, and assets to assess your financial situation comprehensively.
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Separate your finances by closing joint accounts, stopping the use of joint credit cards, and removing the spouse as a nominee from investments.
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Transfer assets to parents or create a family trust to protect them from being split during divorce.
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Draft an agreement as business partners to protect co-owned properties and businesses.
Legal Fees and Alimony:
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Depending on complexity, legal fees range from ₹50,000 to ₹5-7 lakhs for a contested divorce.
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Alimony is based on both spouses' financial capacity. The benchmark is 25% of the husband's salary when paid periodically.
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To determine alimony, the court considers factors like financial status, marriage duration, age, health, income, standard of living, and non-monetary contributions.
Child Custody:
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Under Hindu law, the mother gets custody of children under 5. For older children, either parent can get custody based on the child's welfare.
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Muslim law gives custody rights to the mother until the son turns 7 and the daughter reaches puberty.
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Christian law allows the court to decide custody based on the child's welfare, even denying it to unfit parents.
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