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Financial Independence after Divorce - A Woman's Perspective's

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Financial Independence - A Woman's Perspective's after Divorce
January 02, 2023
 

Divorce is an event that not only takes an emotional toll on the persons involved but also causes financial distress. A married couple is responsible for creating a family unit where roles, responsibilities and duties are shared on an equal basis and this includes the familys finances as well. Usually a married couple has a joint monetary corpus for financial coverage and both the partners may be equal contributors, depending on the employment status. However, in the event of divorce, this coverage terminates and the financial strength takes a dip. Looking at this from a womans perspective, there are certain factors that emerge and must be considered in the right prism. Women in India have emerged as equal partners in the financial sphere and as such lay an equal claim to the mechanism of financial inclusion.

For a home maker, divorce may mean complete loss of financial coverage and the woman may find herself without any stable monetary base. Even if the woman is working, her finances may be tied up in joint accounts or in joint financial ventures and activities and as such, she may have to face a lot of hassles in securing her financial health. Either way, after a divorce, financial stress builds up or therefore, you must remain prepared to handle the situation in a carefully planned manner.Here are some key pointers on the financial independence after divorce, from a womans perspective:

  1. Plan your budget as per your needs and not as per suggestions: This is very important, because after a divorce, you may find yourself to be in the midst of a situation where every person, from the circle of your family and friends will offer you advice. While considering constructive advices is essential, yet when it comes to financial security, remember that nobody knows the entire situation better than you. So, make a list of your monetary assets, liabilities, coverage scopes, dependent childs needs etc. and plan you budget accordingly.
  2. Keep a track of the previous saving and investments and plans: Earlier, you may have been a joint signatory to a bank account or may have been jointly covered in an insurance plan. Since there are bound to be changes in that, keep a track of those changes and seek professional advice on how to retain and secure your personal finances from joint instruments.
  3. Take a women-specific insurance plan: While your ex may have listed you as a beneficiary in insurance cover previously, after getting a divorce it is important for you to invest in a plan that offers comprehensive benefits to you. The plan must be sizeable enough to offer child benefits as well (in case you have dependent children) and must offer additional riders suited to your needs. Before taking any decision though, be sure to check and compare online plan features.
  4. Take proper care of your health: Divorce is a stressful affair and often, while focusing on the new changes and adjusting to them, women tend to ignore their health. Stress and health issues amount for further burden on the financial corpus. This is why after a divorce, you must engage in proper health oriented activities. This will not only ensure that you remain physically fit but will also ensure the health of your finances.

HDFC Life offers HDFC Life Smart Woman Plan a women-specific plan that secures your finances and gives wings to your dreams and aspirations. For details, click on the mentioned link: https://www.hdfclife.com/women-insurance-plans/smart-woman-ulip-plan.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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