InvestorQ : How a woman can prepare financially for Divorce?
Anusha Savla made post

How a woman can prepare financially for Divorce?

simran Kaur answered.
2 years ago
Divorce can be one of the most unfortunate events in one’s life and could create a lot of chaos in life. However, no matter what the situation is a woman should keep few things in mind to make sure that she is financially safe, even if it includes hiring a financial planner and gathering all the important documents.  Here are a few tips for women to be financially stable:

Maximize liquid assets, cut your liabilities: Try to keep as many as liquid assets as possible since it offers great flexibility and will help easy rebooting of life after divorce. If you’ll focus on keeping a house but won’t be left with any money to run the house, you might be in great trouble.

Take Alimony as a one-time settlement: Rather than opting for monthly or annual alimony for your entire lifetime, you should opt for one-time alimony. This will help you to use the money and invest it and receive the returns monthly so that your actual investment will be safe.

Remember that Alimony and Child maintenance are separate: You can always claim child maintenance from your husband even after claiming alimony, this is a separate claim and is valid.

Hire a financial planner, before a lawyer: To make sure that you receive fair maintenance, hire a financial planner before a divorce lawyer. It’s important that one arrives at the right figure by considering future expenses to maintain your lifestyle after divorce and taking into account inflation.

Gather documents in time, do not delay: It is important for you to keep documents like salary slip, rent receipts, household item receipts, monthly spending, property documents, proof of asset ownership, etc. Just make sure you start collecting them when you feel that things are going wrong.