Certainty in life is usually a good thing. But however when a life takes a U Turn, certainty can have unintended consequences. The main purpose of the DIVORCE PROTECTION PLAN is to provide flexible way to protect your finances for the duration of the court proceedings. As we all know that in the current scenario many people are facing financial discrepancies and will not be able to pay for the expenses incurred, if he or she wants to get divorce. As we all know that Indian couples are now far more open to the idea of divorce than decade age and it is imperative that financial costs will also be considered. Life is very uncertain and by this plan a couple can accordingly plan his or her finances by having a clear understanding of what expenses will have to be incurred while planning for Divorce in near future and also help the couple to focus on other crucial matters like property division and child custody.
The plan aims at scheduled distribution of the funds on the basis of the proceedings/dates of the court as the matter pursues. This plan will benefit you in future as the payment could be made according to the work done by the lawyer/counsel. The distribution will be dependent on the court proceedings which could potentially be on regular basis or monthly depending about the case and discretion of the court. Taking this Divorce protection plan is an financially prudent idea.
This plan is usually taken when you feel to give up to your relation, and this will provide all financial costs pertaining to a divorce. The premium payable depends on the earning capacity of the individual and the income profile of the couple.
As a starter, protection with standard cover of Rs.25 lakh or 30 lakh could be offered. These would be priced at less than Rs. 30,000 per annum. If any individual seeks additional protection, top ups plans could be offered. Register yourself to know more.
In most instances, courts grant legal custody to both the parents together but if the divorce is messy and the parents are, apparently, never going to agree with each other, the court grants the legal custody of the child to one parent.
Child Support is money paid from one parent to another as their financial responsibility to the children of a relationship.
JOINT PARENTS CUSTODY
Under joint custody both parents continue to be involved in the major decisions of the child's life. The child can live with only one parent, or may spend time living with both parents. Usually one parent has day-to-day care and control of the child. Both parents work together to make decisions about their child; one parent can't make major decisions about the child on their own.
SOLE/SINGLE PARENT CUSTODY
Under sole/single parent custody, the child lives with one parent who makes the decisions about their life. The other parent usually has visitation rights of the child.
SHARED PARENT CUSTODY
Under shared parent custody, the child lives with both parents roughly the same amount of time. For example, the child might spend two weeks with one parent, then two weeks with the other. This is really difficult but possible if both the parents mutually agree to it.
SPLIT CUSTODY
Split custody occurs when there is more than one child, and some children live with one parent, while others live with the other. Each parent is responsible for the children in their care, and the other parent has the visitation rights.
The best custody and visitation for your children will be one that you and your spouse come up with the agreement /MOU(memorandum of understanding) . If parents are unable to come to an agreement/MOU, you can reach a custody and visitation rights through mediation, negotiation by lawyers, or going to court.