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Money management is always important, but it becomes all the more critical post divorce. Help for managing finances after a divorce.
Money Management
By Priyanka Trivedi Shah
This article was first published at Masala Mommas.
Divorces are not easy to deal with. The end of a relationship can cause emotional and traumatic havoc. You may feel overwhelmed or tormented about such a big change in your life. Depending on the circumstances it can feel like a heavy weight has been lifted or all that was yours is lost. While each case may vary, after the judge declares the financial settlement we need to get on with picking up the pieces.
Here are a few things you might want to consider:
1. Close off the joint account – Talk to the bank and make sure your partner can’t access the account and your pay is going into this account
2. Do a financial stock take – List all your assets, and any debts or joint debts in your name
3. Update your rental agreement – If your name is on the lease then you could be liable for any unpaid rent or damage caused by your partner
4. Seek legal advice – Speak to a solicitor to
– Freeze any joint accounts (and go to your bank if necessary) – Separate property held in joint names – Take legal action, if property is held in your partner’s name, to prevent its sale before the final property settlement – Update your will
If your partner was the one who took care of the money, find out how things were organised and see if you want to make any changes. Focus on setting yourself up for the future. When adjusting to a change in income, it’s important to know on paper where your money comes from and where it goes. Here are two simple steps to get you started:
1. Gather your financial information
If you’re not used to managing your money, getting all your key financial documents together is an important first step. Find and organise your:
– Utility bills (e.g. electricity, gas and phone) – Credit and store cards bills – Investments – Property deeds, mortgage papers, home loan details – Savings and transaction account statements, including any PINs and passwords (but be careful with recording your PINs and passwords) – Tax records – Insurance policies (e.g. income protection, life, health, home and contents, car) – Contact details for your accountant and lawyer – Business documents, if you have been part of a family business
2. Do a budget and keep it up to date
Budget is actually very easy. Write down all your income and expenses. Add an extra column for the future and definite expense or income. Then look at what’s essential and what you could cut back. Saving a few extra dollars each week can add up to a big difference over time.
Divorce is definitely not end of the world but is the beginning of a whole new life. Good luck!
*Photo credit: Svilen Milev.
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People say that women are the greatest enemies of women. I vehemently disagree. It is the patriarchal mindset that makes women believe in the wrong ideology.
The entire world celebrates International Women’s Day on March 8, 2024. It should be a joyful day, but unfortunately, not all women are entitled to this privilege, as violence against women is at its peak. The experience of oppression pushes many women to choose freedom. As far as patriotism is concerned, feminism is not a cup of tea in this society.
What happens when a woman decides to stand up for herself? Does this world easily accept the decisions of women in this society? What inspires them to be free of the clutches of the oppression that women have faced for ages? Most of the time, women do not get the chance to decide for themselves. Their lives are always at the mercy of someone, which can be their parents, siblings, husband, or children.
In some cases, women do not feel the need to make any decisions. They are taught to obey the patriarchal system, which makes them believe that they are right. In my family, I was never taught to make decisions on my own. It was always my parents who bought dresses and all that I needed.
14 years after her last feature film Dhobi Ghat, storyteller extraordinaire comes up with her new film, Laapataa Ladies, a must watch.
*Some spoilers alert*
Every religion around the world dictates terms to women. The onus is always on women to be ‘modest’ and cover their faces and bodies so men can’t be “tempted”, rather than on men to keep their eyes where they belong and behave like civilized beings. So much so that even rape has been excused on the grounds of women eating chowmein or ‘men will be men’. I think the best Hindi movie retort to this unwanted advice on ‘akeli ladki khuli tijori ki tarah hoti hai’ (an alone woman is like an open jewellery box) came from Geet in Jab We Met – Kya aap gyan dene ke paise lete hain kyonki chillar nahin hain mere paas.
The premise of Laapataa Ladies is beautifully simple – two brides clad in the ghunghat that covers their identity get mixed up on a train. Within this Russian Doll, you get a comedy of errors, a story of getting lost, a commentary on patriarchy’s attitude towards women, a mystery, and a tale of finding oneself, all in one. Done with a mostly light touch that has you laughing and nodding along.
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