I am having frequent fights with my wife & her family, she mentioned that she will put case on me & take all my money, so I want to take precautions to save my money incase if they file any case in the future and want to be prepared well for that in terms of financial things. [Note: I am working in IT company & my wife has done BE & is not working & she is a house wife] I have all my money in my bank accounts as FD and some money in PF, PPF & stocks. 1. Should I transfer all my money/FD's into my parents account now itself and keep using the money from parents account? 2. how many previous years of bank statement or ITR, court will check from the date the divorce is filed? Will they come to know that I transferred major amount of money into my parents accounts to save Alimony/maintenance? 3. if I keep my mom's account as salary account in my company & salary gets credited to her account, will courts later come to know that I was re-directing my salary to my mom's account? or is it fine to do that? 4. Do court also considers the money that is there in my PF/PPF account & stocks while deciding alimony/maintenance. 5. I had also worked in USA for 3years so i have some money in USA bank accounts also, for court can I say that I don't have any money in the USA accounts? my wife knows my USA social security number but dont have any information about my bank balance except that she know that i had account in so and so bank in USA. what all other ways that I can save my money in my bank accounts incase divorce is filled. Plz guide
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Transfer money to parents bank account
2) your last 3 years will be considered
3) they will come to know you have transferred money into parents accounts
4) if your mother is not working she cannot have salary account
5) court will consider all your investments
6) seek phone consultation with any lawyer on this website
It’s safe no one can take it. You need to only contest the maintenance application filed by wife aggressively
1. Not necessary, she cannot take any money from your FD or PPF or stock market shares
2. In the event of she filing a maintenance application then both have to file an affidavit declaring your assets and liabilities, The ITR would be required to be filed for three years as on the date of filing the affidavit.
3. Whether you are directing your salary amount to your mother's account or not you are required to file the salary slip in the affidavit.
4. No.
5. You may not declare that amount in your affidavit, unless you don't reveal she cannot come to know that details, the social security number is not a source to get the details of the balance amount.
1. Yes, you can do so but if previous transaction's are produced then money trail can be unearthed .
2. Unless any of the parties produce related documents before court, it can not look into it. In affidavit of assets and income both of you will have ti disclose your respective income and assets.
3. If money first comes to your account then it is immaterial later to which account this money goes.
4. Yes
5. Any false statements made on oath will attract perjury which is a punishable offence.
Dear Client,
Before transferring the money into your parents’ account, you need to be prudent. Although this can appear to be a safe step, courts may see this as an effort to conceal property, so actually be detrimental to your case. In this case, consider why keeping finances separate (and transparent) may be the way to go to avoid more serious issues later down the line.
Generally, in bank statements and ITR, for the last 3-5 years, the income and assets of the person(s) are examined in courts.
It is also important to note that courts take into account the money in PF/PPF accounts and shares, while deciding on alimony/maintenance. The assets are usually considered part of your broader financial picture.
On the subject of your USA bank accounts, honesty is the best policy. Doubting their existence will only hurt your credibility, so it is best to be transparent about your assets and income.
To further protect your finances, consider the following:
- Keep the right financial records to make sure transparency and accountability of your finance.
- You can consider a prenuptial or postnuptial agreement with your wife to safeguard your assets and properties.
- Expand your all the available assets by spreading them across other investment options.
- Start an emergency fund to cover at least 3 to 6 months' worth of living expenses with yourself.
- Make an appointment and consult a good financial advisor or lawyer who is expert in the matter of divorce law and finance. And make sure you are making informed and wise decisions.
Consult with detail.
