Life stage: Divorced with/without children – working/housewife – all ages

Post-divorce life is like a double-edged sword. Some are happy and relieved to have freedom, while some get into depression and a big emotional low that may take some time to overcome.

That said, the situation basically depends on the life that you plan to pursue/ are pursuing post divorce. Given that the assets have been divided and legal orders have been passed, what do you need to consider now?

Transfer of titles and ownership of assets

A lot of things need changes. Whatever is now yours needs to have your maiden name as the sole owner. If you are going to have properties, your name should appear as sole owner and joint names be removed. Likewise for insurance, bank accounts, credit cards, investments, bonds etc.

Regarding liabilities – if they are yours, the spouse’s name must be removed and if they are your husband’s, then your name to be removed, so that you do not have impending liabilities that hit you without knowledge.

This needs to be done fast; and the more you keep this pending – chances of problems arising later simply multiply. Do not forget to keep copies of payments, receipts and other relevant documents in the process of getting changes effected.

The need to be back on track as soon as possible and have adequate cash support

Consider you cashflows. What are the sources of income you are likely to have? The possibility is that these could be the income that you earn; income from existing assets and maintenance and support (if applicable in your case).

The primary prerogative is to estimate the cash or expense requirement, which in turn is also a factor of whether you are living by yourself or whether you have come back to your parents’ home.

 In the event that you do not have ongoing income i.e. if you are not earning, then it becomes far more important that you have cash support, which would essentially be from existing assets and/ or maintenance.

It is also important to note that there is no preset amount or defined formula for claiming maintenance.

It is expected that this will be in line with maintaining the standard of living but that said, it is still at the discretion of the magistrate and many other factors that the magistrate may take into consideration.

Note that this may cease if you re-marry. What is important is that you have about 30% of your inflow as surplus after all expenses and taxes if any. This 30% is not a rule of thumb but this figure is what will help you meet you future financial objectives.