Mutual divorce, also known as uncontested divorce, occurs when both the husband and wife agree to separate without contentious disputes. Also, the legal fees and time taken for such a divorce are comparatively less than the regular divorce proceedings. Though the legal implications are relatively less, the financial implications need to be handled with proper understanding and planning to prevent any sort of disagreements in the future. Here, in this guide, you will learn about the advantages and financial implications of taking a mutual divorce to ensure a better financial future:
Positives of Mutual Divorce
Mutual divorces are less aggressive and enable a peaceful and harmonious resolution. Here are a few advantages of taking a mutual divorce:
- It is the easiest form of divorce compared to other types of divorce applications.
- Taking a mutual divorce helps avoid unnecessary disputes and conflicts and also saves a considerable amount of time and money.
- Both parties also have the liberty to address any significant issues such as maintenance, financial support, and child custody.
- It reduces stress and is also quick to get
- In some cases, when the court feels that both parties are very sure about getting a divorce, the window period of six months can be avoided. However, this decision solely relies on the jurisdiction of the court if it finds that there are no disputes concerning child custody, alimony or property.
Financial Implications of a Mutual Divorce
Though there are multiple advantages of getting a mutual divorce, there are financial impacts that should be catered to before taking a mutual divorce. Here are a few of them:
Evaluation of Assets and Liabilities
Couples planning for a divorce should first list down the things that they owe and own. Right from jewelry, property savings, furniture, gadgets, houses, debts, loans, everything should be brought to the forefront for fair squaring off the belongings and debts. Gaining a clear understanding of the financial picture ensures fair distribution and leaves no doubts in mind about the other partner being deceitful.
Assessing Insurance Coverage
The insurance policies that include health policies, life insurance and property coverage should also be reviewed during the separation. Also, if you have kids who have medical insurance coverage or any policy that covers their education should also be reviewed. All these policies and insurance coverage should be assessed while making a divorce agreement to ensure future safety. It ensures that everyone is well-protected and covered under the policies availed.
Verifying Nominee and Beneficiary Details
Reviewing and updating the beneficiary and nominee details also stands crucial in case of a mutual divorce. May it be insurance policies, assets, or investments, the couple should ensure the updation of nominees and beneficiaries. It is crucial because the beneficiaries stand valid for claiming the assets and possessions in the event of the death of the account holder. This will help safeguard the financial interest of both the applicants and will also ensure a smooth transfer of assets according to the agreed-upon terms.
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To get the best legal assistance, you can contact the lawyers of Family Kanoon to simplify the divorce process. We have the Top Mutual Consent Divorce Lawyers in Gurgaon who can help you with the best possible solutions and can play a pivotal role in acquiring a favorable settlement.
Right from protecting your interest to maintaining confidentiality, negotiating with other parties and being by your side throughout the divorce process, our Mutual Consent Divorce Lawyers in Gurgaon are dedicated to securing your financial future. Wait no more and seek consultation with our Mutual divorce lawyers in Gurgaon to navigate the nuances of mutual divorce with a trusted lawyers help!
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