Nobody considers death while their divorce is in court, but you can't really control life when a lot has already been going on. Divorce cases do not always proceed as smoothly as we would want. It explores all of the harsh interactions and moves that two people can make against each other.
Without a question, women in India today are financially independent. Yet, very few of them consider protecting their own assets. Everyone gives alimony suggestions but very rarely does anyone advise taking care of her solely owned assets first. At AasaanWill, we think that wealth management and succession planning are equally crucial for everyone, regardless of their position in society.
In this article, we are addressing certain asset management issues that women should be aware of while their divorce case is still pending.
Checklist for succession planning
1. Determine Your Own Assets
You should be aware of the assets you have acquired on your own. Your self-acquired assets are those that are in your name, such as your bank accounts, investments, and any real estate. Locate all of those documents and gather the necessary data.
2. Jointly Owned Assets
Many couples have assets, like a bank account, a house, an insurance policy, shares, etc., which are jointly owned. Determine your ownership stake in those assets. If your name appears on the document, you are the actual owner of your share of the assets.
3. Gifts Received In Marriage
The presents you receive during your marriage - jewellery, a car, investments, etc. - are all exclusively yours for the rest of your life. This is known as streedhan. Additionally, if you use it to make a purchase, that asset becomes your self-acquired asset.
4. Claim Your Property Rights
In cases of complicated property nature, wherein the owner is one spouse and payment to purchase property is made by another, you need to file a civil suit to claim your share in the property. There are possibilities that such properties may not come under the purview of Benami properties. In such a case, you need a decision from the court so that you get clarity regarding your right over such property.
Legal Tips by AasaanWill
During the pendency of your divorce case, if any uncertainty happens, your HUSBAND continues to be your legal heir.
Preparing a Will for the assets you solely own after you have applied for a divorce helps not only you but also your other dependents like your parents or younger siblings. The law of succession planning in India is quite complicated and unless you write a Will, even during your divorce the husband is your legal heir along with your children (if you have any).
Writing a Will is not complicated. You can schedule 15 mins free consultation call with us and we will help you along.
AasaanWill. Zaroori Hai!