I’m not a financial guru. Nor am I an economist from an Ivy League university. I am however a woman who has gone through the financial chaos and uncertainty that separation and divorce bring into our lives. While love, romance, commitment, candlelight and roses are all necessary and wonderful, we tend to ignore the more practical aspects of joining our lives with another human being, until we are in a position where our backs are to the wall, the relationship is as dead as the proverbial Dodo and the lawyers are having a field day. Ditto therapists. So, here are a few practical tips for all of us — men, women, husbands, wives, boyfriends, girlfriends, partners, soulmates et all. (No, this piece of writing is NOT a feminist diatribe calling all women to have piggy banks and portfolios. These are life-lessons for all of us — lessons that I have learnt through blood, sweat and lots of tears.)
Tip Number One
Prenuptial Agreements are the last thing you want to think about while you’re planning a wedding and a future full of hopes, dreams and possibly two kids and a pet turtle. However, please do think about a Prenuptial Agreement. If you decide to do it, discuss it with your spouse-to-be. Your discussion should be based on honesty, equity, fairness and common-sense. Be fair to the other party. But protect your own interests as well. Make sure that your Prenuptial Agreement is completed at least a month prior to the wedding. Get it done through a lawyer that you both agree upon. Learn more about Prenuptial Agreements >
Tip Number Two
Your hearts, souls and minds are one. You even share a bathroom. And the TV remote. So why shouldn’t all your bank accounts, your assets, your sock-money all be joint as well? True love demands that, yes? No. It is essential to have independent bank accounts, assets, and investments. You should certainly have joint assets and finances should you choose to. But that does not in any way exclude having independent financial assets. Learn more about maintaining independent finances while staying married >[
Tip Number Three
Don’t give up your earning potential. When couples have kids, it is very tempting for one parent to become a stay-at-home Mom or Dad and give up their career. Not a good idea. A better way to do this would be to make career modifications or changes that factor in the fact that you now have a kid. Stay in the workforce and maintain your financial health and well-being. If you feel you absolutely must stop working after the birth of a child, make sure you have a plan in place for returning to the workforce within a reasonable time frame. Learn more about returning to the workforce >[
In spite of everything you could do — if you find yourself staring down the barrel of a divorce, then here’s the final tip — if you’ve followed tips one, two and three, then you’ll buy a lot of Kleenex, ice-cream and sweat pants. But you won’t be scrambling to pay your electricity bill. If your individual finances are healthy, the divorce will be painful but not financially devastating. While you will certainly have to deal with the emotional rollercoaster that a divorce entails, at least the financial ramifications of heartbreak can be mitigated with forethought and planning.
For investment, savings, trading, financial planning and more visit www.appreciatewealth.com and sign up!
Article written by Ujjaini Moulik
Ujjaini Moulik 