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10 things to know about divorce and your retirement funds
Before contemplating divorce, couples should first seek to understand the impact that it will have on their retirement savings.
24 May 2021 08:09
Image: Shutterstock
Divorce is very rarely simple, especially when it comes to achieving equitable financial separation. Before contemplating divorce, couples should first seek to understand the impact that it will have on their retirement savings and what options are available to them.
1. The nature of your marriage contract matters
The first step in understanding the impact on your retirement funding in the event of divorce is to understand the nature of your marriage contract. If you are married in community of property, all retirement funds will form part of the joint estate and, in the event of divorce, each spouse will be entitled to a 50% share of the joint estate. The only exception to this would be where the court grants a forfeiture order
The hearing on the matter was adjourned to July 6. (File photo: PTI)
While seeking adjournment of petitions demanding recognition of same-sex marriages under existing law, the Centre told the Delhi High Court on Monday that there are other urgent matters that need consideration.
Centre added that “nobody is dying because of the lack of marriage registration.” The hearing on the matter was adjourned to July 6.
Solicitor general Tushar Mehta submitted before the court that the state is dealing with a pandemic at present and there are other urgent matters, which need consideration.
“As a government, our focus in terms of urgency is on urgent, imminent issues,” submitted Mehta, adding that law officers are also dealing with pandemic-related cases.
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The news of Bill and Melinda Gates’ recent separation after 27 years of marriage has caused a media frenzy and a mix of awe and envy in family law circles, where jokes about the size of the retainer involved have been circulating rapidly by text and email.
Much to the chagrin of court-watchers and the curious, however, only a few details on the divorce have trickled out so far. News outlets have reported that court documents filed in Washington state indicate that Bill and Melinda have already worked out the terms of their separation agreement, avoiding public mud-slinging and a showdown over property and support claims. It appears the couple only requires the court to grant their divorce which will likely be ordered on consent while the financial details of their arrangement will remain private.
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A lot of us have been saying, since March 2020, that the isolation brought on by the pandemic would prove exceedingly dangerous to untold numbers of women and children for whom home is not a safe place. The year 2020 saw 35 femicides in Ontario and 155 across the country. So far in 2021 in Quebec alone, 10 women have been murdered by their current or former partner.
It’s heartbreaking and infuriating, because many of those crimes could have been prevented. Too often people around the victims knew something wasn’t right. In some cases the men had records and had done jail time for domestic violence.
Know your rights: 10 laws that protect women and their rights
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Crimes against women occur every minute in India. Women are not safe, whether it is in their houses, public places or at the workplace. Your safety in your hands sounds like a clichéd adage to repeat. Given the number of crimes that are committed against women, it is pertinent that women are aware about the laws that are in place to protect them.
Remember knowledge is power. As a parent, wife, daughter, employee and a woman these are rights set in place to protect you and it is important that you are aware about these.