WHAT IS A WIFE ENTITLED TO IN A DIVORCE SETTLEMENT?
In a divorce settlement, the court attempts to reach a fair, equitable agreement that will be fair to both parties. There is no-one-size-fits-all settlement. Each marriage is unique. The circumstances surrounding the marriage and events leading to divorce is unique to each couple
Topics discussed in this article:
- WHAT IS A WIFE ENTITLED TO IN A DIVORCE SETTLEMENT?
- IS EVERYTHING SPLIT 50/50 IN A DIVORCE?
- WHAT IS A DIVORCE SETTLEMENT?
- WHAT ARE MATRIMONIAL ASSETS?
- HOW DOES DIVORCE AFFECT WOMEN FINANCIALLY?
- WHY IS FINANCIAL INDEPENDENCE NECCESARY FOR WOMEN?
- HOW A WOMAN CAN BE FINANCIALLY INDEPENDENT IN A MARRIAGE
- YOU TOO CAN EARN FINANCIAL FREEDOM TODAY!
IS EVERYTHING SPLIT 50/50 IN A DIVORCE?
No. the court ensures an equitable agreement is reached, but equity does not mean equality.
WHAT IS A DIVORCE SETTLEMENT?
When an estranged couple decides to divorce, they can agree on how matrimonial asset should be split, who should have what, who shouldn’t, how loans and debt will be paid, etc. But this oral settlement is not binding, as in the future one of party could make further claims on asset. In order to prevent this future breach of agreement, this settlement must be approved by the court. This court mediated settlement is a divorce settlement.
WHAT ARE MATRIMONIAL ASSETS?
These are assets acquired by one or both parties, during the marriage union. They include:
- Home and other properties owned by one or both parties
- Savings and investments
- Furniture and appliances
- Businesses owned by one or both parties.
They may also include,
- Credit cards
Also note that under certain circumstances, asset owned by one party before marriage could be considered matrimonial assets.
Here is a perfect example, in Singapore, matrimonial assets can include assets owned by one of the parties before marriage.
According to section 112(10) of the Women’s Charter, a “matrimonial asset” means:
It is therefore, important to ask your lawyer for the meaning of certain terms before suing for a divorce.
HOW DOES DIVORCE AFFECT WOMEN FINANCIALLY?
To begin, the aim of this blog post is to see the effect of divorce on women. This is not to undermine the pains of men in a divorce. For the sake of this article, however, the victim in this context is the estranged wife.
In the United States, as with many other countries, women are more like to be payed less, than their male counterparts.
With men making the larger part of the working class. Getting good paying jobs can be more challenging for women than their male counterpart.
With this said, we will generally agree that finance impact women more than their male counterpart. It is therefore important that woman break the male dependency mentality.
WHY IS FINANCIAL INDEPENDENCE NECCESARY FOR WOMEN?
- Because women too are humans and have the responsibility to care for themselves.
- Financial independence instils a sense of self-worth.
- Protects women from manipulation and sexual harassment.
- Adds to their mental health and overall well-being.
HOW A WOMAN CAN BE FINANCIALLY INDEPENDENT IN A MARRIAGE
Invest in your daughters. This is the top of the list, because every wife today, was a daughter yesterday. Parents should invest equal effort to raising a female child as they would a boy. This builds up over time, and a young girl sees herself as a human, a complete human, who will become an adult someday.
She sees the need to invest in knowledge, self-development and to acquire skills. She realizes that there is no ‘male’ and ‘female’ skill. She learns that women’s goals and aspiration does not end in the kitchen or the bedroom. Far from that, like every child, she has an endless potential to achieve all she dreams of.
This knowledge and skill learnt during childhood and spinsterhood can be transformed into possibilities, one of which is, earning an income during marriage and after a divorce.
In no particular order, below are start-ups by women, everyday women, who’ve breaken the male dominated business world, through skills acquisition and online marketing.
- Bobbi Brown
Write a blog. Stay-home wives can spend idle time learning skills such as writing. Yes, writers make the best bloggers and this can be a source of income during marriage or after a divorce. Writing is also an outlet to our emotions, by blogging, sharing your pains and how you are able to cope, you might also be a source of inspirations others.
If you are interested in trying this out, here is a starting point. Many bloggers, today, were simple house wives or stay-at-moms who just “needed sometime to keep busy with”. But today, they’re probably financially better than their full-time working mates.
If this is sometime you want to try. Learning is a first step. And believe me, its not some complicated process.
Harness your superpowers. Women are keen learners, and pay attention to details. You take note when your husbands are about leaving the house without brushing his hair, right? Now you can apply this detail-oriented skill you’ve honed in your years of marriage to learn to trade the financial market. This article explains the basic concept of forex trading and how you can learn from the comfort of your home.
Start a savings plan. A number of women receive some stipends from their husbands for upkeep. The financially independent woman on the other, thinks not only how to make the best hair-do, but also how to save. Of course, you save to prepare for divorce, but saving in little increment is a powerful way that even non-working women can gradually grow to financial independence.
Create an investment plan.
Because this in not an investment article, we’ll just briefly discuss some options available to you. Here are 5 investments options you can consider:
- Direct equity
- Mutual funds
- Exchange traded funds
- Public provident fund.
Monetize your skills. Now you’ll say, but I don’t have any. I’m sorry dear you are very wrong. Do you know how to bake, what is that favorite recipe you prepare for hubby, I know you spend your leisure time crocheting. Do you know any of these can fetch passive income?
Many people are will to pay for those seemingly basic things. You can sell your “skill” on sites and earn passive income. You might not earn much at first, but with persistence, you might be raking a low less than dear hubby or maybe even more than him.
Dropship. For those who are yet to hear the word. You heard it now. Dropshipping is starting a Warren Buffet-style estate investment, from the confines of your home with little or no capital. That is dropshipping. Of course, the above statement is highly exaggerated, but an exaggerated truth, remains the truth at it’s core.
So, what really is dropshipping. It is a retail fulfilment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product using the dropshipping model, it purchases the item from a third party and has it shipped directly to the customer. Note we’ve mentioned the word ‘Dropship’ or ‘dropshipping’ seven times in this paragraph alone. This is to stress the fact that it is an under-tapped goldmine. To tap into this business model please check this article.
YOU TOO CAN EARN FINANCIAL FREEDOM TODAY!
It is a well-known fact that many women remain in abusive relationships, to a large extent, because they don’t have a personal means of livelihood. Especially in third world nations, abuse of women has outgrown the epidemic stage, it is a full grown covid-19-style pandemic. The few who are pitied enough to be divorced by abusive mates, have no hope of receiving settlement, be it, equitable or unequitable. And even when unlawfully divorced, they sometimes end up in worse relationships, because they need the income of a man to survive. Or worse still have to choose between prostitution and starvation.
While we yearn for a world without divorce or abuse of women, it is worth noting that there are many untapped solutions today. If you’re reading this article and knows someone in need of this information, kindly pause and share.
But if you’re affected yourself, and probably did some google search, and now you’ve located this article, maybe the 10th you’ve read about this same topic. It is time to stop reading and start acting. A first step might be to try some of the suggestions under the, “HOW A WOMAN CAN BE FINANCIALLY INDEPENDENT IN A MARRIAGE” subheading. Or reading the article 10 PROVEN STEPS TO FINANCIAL FREEDOM Or maybe do some google on other possibilities that are within your reach.
If marriage is bliss, divorce is blisters. It hurts all parties involved, even the children, who sadly, are the innocent grass in the battle of 2 elephants. The joy of marriage is eternal… until someone wants out. That said, we wish no one files for a divorce; many marital issues can be settled with some compromises on both sides. If you’re reading this post and you are the aggressor, this post is likely not for you, maybe a Bible or Koran will do.
But if you believe you’ve exhausted all available options and divorce seem to be the only way out, you have another issue to worry about:
Should you sue for a divorce?
You alone can answer that question.
Are you pressured to a divorce? The outcome might not entirely be within your power. And contrary to the Bill and Melinda Gate divorce yours might not end in some multimillion-dollar settlement.
But taking your financial fate into your hands is surely within your power.
There’s never a right time to start. And it’s never too late to begin.
And while you wait for the outcome of the divorce settlement, we wish you well in your next relationship.
|1||WHAT IS A WIFE ENTITLED TO IN A DIVORCE SETTLEMENT?||In a divorce settlement, the court attempts to reach a fair, equitable agreement that will be fair to both parties. There is no-one-size-fits-all settlement. Each marriage is unique. |
the circumstances surrounding the marriage and events leading to divorce is unique to each couple
|2||IS EVERYTHING SPLIT 50/50 IN A DIVORCE?||No. the court ensures an equitable agreement is reached, but equity does not mean equality.|
|3||WHAT IS A DIVORCE SETTLEMENT?||When an estranged couple decides to divorce, they can agree on how matrimonial asset should be split, who should have what, who shouldn’t, how loans and debt will be paid, etc.|
|4||WHAT ARE MATRIMONIAL ASSETS?||These are assets acquired by one or both parties, during the marriage union. For example, Home, Pensions etc.|
|5||HOW DOES DIVORCE AFFECT WOMEN FINANCIALLY?||Women earn less than men… and the gap is even wider for many women of color. Finance impact women more than their male counterpart. |
It is therefore important that woman break the male dependency mentality.
|6||WHY IS FINANCIAL INDEPENDENCE NECCESARY FOR WOMEN?||1. Financial independence instils a sense of self-worth|
2. Protects women from manipulation and sexual harassment
|7||HOW A WOMAN CAN BE FINANCIALLY INDEPENDENT IN A MARRIAGE||1. Invest|
2. Start a savings plan
3. Monetize your skills
What other point have we omitted from this article? kindly drop them in the comment below.