Starting A New Business? 7 Key Points To Keep In Mind.
Money management is always important, but it becomes all the more critical post divorce. Help for managing finances after a divorce.
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
– 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.
Women's Web is a vibrant community for Indian women, an authentic space for us to be ourselves and talk about all things that matter to us. Follow us via the read more...
Stay updated with our Weekly Newsletter or Daily Summary - or both!
Actor Sonali Kulkarni apologized after facing the ire of netizens for her insensitive remark; stating that a lot of women in India are ‘lazy’.
Actor Sonali Kulkarni recently faced the ire of netizens for her insensitive remark during an interview, stating that a lot of women in India are ‘lazy’. They just want a husband who has a good job, a house, and who gets regular increments. She went on to further say that women don’t have the courage to say what they will do once they get married to their respective spouses.
Image Source: Sonali Kulakarni’s Twitter
Not all business ventures require a hefty amount to be set up. Here are 9 best business to start with little money, yes, as little as ₹10000!
Not all business ventures require a hefty amount to be set up. Here are the 9 best business to start with little money, yes, as little as ₹10000!
Every one has entrepreneurial ideas, don’t we? Mine was to open an organization that hosted events wherein kids from orphanages and elderlies from old-age homes were brought together.
It was unique, at least that is what my professor told me. But the amount of money as capital made it a distant dream. Sigh! But are there any ventures which need little money? Can we start our entrepreneurial journey with just ₹10000?
Please enter your email address