Buckle up because we're about to dive into a topic that's as intriguing as it is important – the fascinating interplay between money and relationships. Just like peanut butter and jelly, these two aspects of life often blend in unexpected ways.
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Whether it's navigating joint finances with your partner, understanding the legalities of shared assets, or simply unraveling the dynamics of spending habits within relationships, we're here to explore it all and we’ve an amazing Lawyer-Creator with a value-adding guest piece too!
Here’s what’s in store for you:
Market performance & the Indian economy
Hot 🤑 TopicsTo Discuss W Your Partner
Securing your marriage legally & financially
Coolest book I read this month
Sounds interesting already? “I KNOW!” Read on!
🤨 ‘Sup with the market
Niyati’s jinx materialized (check out last month’s newsletterfor context) and it's been a rough ride for our domestic equity markets, falling for the fifth week in a row. The minutes from the Reserve Bank of India's monetary policy review in August 2023 raised a flag about the looming inflation risks. They pointed to liquidity concerns in the banking system and a recent spike in food prices as potential culprits. With these factors, our domestic inflation might likely see an uptick in the coming months due to supply disruptions caused by unpredictable weather conditions.
Talking numbers, India's retail inflation went from 4.9% to a whopping 7.4% in July 2023. The sudden rise in prices of tomatoes and other veggies across the nation might be contributing to this unexpected surge in inflation. On a parallel note, the U.S. equity markets rose following the U.S. Federal Reserve Chief’s remarks, and the markets in Europe and Asia were soaring too. So let's hope India plays catch up and gets back on track real soon while we wait patiently!
🔥3 Hot Topics To Discuss With Your Partner
♥️ Pyaar can bring you together, but getting comfortable and talking about 💸 paisa will keep you together and help you grow as a couple!
Working on your finances together becomes a very important part of a relationship, it can be a reason why people feel frustrated or why problems arise in relationships. So, if you're getting married soon or if you're even in a committed relationship, here are 3 things you MUST discuss!
💳 Funding the Fun: Who Pays What?
If you’re a one-income household, discuss how you will allocate the budget and how both partners can be involved in creating the financial plan.
If you’re a two-income household, calculate your combined financial might and chart out family-wide budgeting strategies. Remember, sharing the load is key!
📈 How much are you going to invest and where?
Your investment plan is something you have to come up with together. Align your personal goals and financial goals as a family, and talk about how much you both will need to save/invest monthly to achieve these.
📑 Where are the important documents stored?
Discuss the nitty-gritty of nominations for investments, insurance information, property papers, wills, and other documents! These seem like dry depressing things to discuss, but they're your roadmap to a secure future! 🌟🤝💰
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📌 3 Tips To Legally & Financially Secure Marriage Ft. @yourinstalawyer
This is Tanya! ♥️
Tanya Appachu Kaul, or Yourinstalawyer as you all might know her is a Lawyer, and Ex Big Four-Consultant turned Content Creator focused on making law and lawyers accessible to everyone. If you don't follow her already you MUST!
Here's her 2 cents on securing your marriage (Or 3 rather, LOL):
1. Create a Will
People usually leave estate planning for the second half of their lives. Most people feel that they need to leave a will only if they have a lot of assets. That is a myth! Did you know that Class I legal heirs for a man include a wife, children, and mother? And if you are a woman, only your husband’s family will inherit your self-acquired property, not your parents' side of the family, in case you die intestate without leaving a will. So basically, if you do not leave a will, you have no control over who will inherit your property.
A will does not include only assets, but also investments, insurance, bank accounts, stocks, liabilities like loans, etc., which most people have at an age when they start working. That is why it is important to create a will so that you have a choice as to who gets what part of your wealth, income, or assets. Also, it's important to mirror the will of husband and wife in terms of beneficiaries to reduce disputes among legal heirs in the future.
2. Pre-Nuptial Agreements
Pre-nups are rapidly gaining popularity in urban Indian culture. While prenups are not legally recognized in India and cannot be enforced in a court of law, they are progressively adopted by couples to establish a mutual contract for property division in case of potential future separation. This approach serves as an excellent means to achieve financial security and establish clear expectations within a marriage, helping couples avoid relying solely on assumptions
3. Keep finances separate
The question of whether to keep your finances separate or combine them to build marital assets is a significant one. My steadfast response would always favor separation. Maintain distinct accounts, and investments, and ensure proper nominations. In India, marital property doesn't follow the principle of equality. In essence, if one spouse contributes more to a specific asset, they possess greater rights over it than the other. Such division is not uniform as per legal standards.
Empowering everyone to have control over their finances is paramount. This doesn't imply you can't share financial objectives or pooled assets and investments. It signifies having complete authority over your financial decisions, rather than depending on another person or your spouse to manage them for you.
Do you like what you’re reading?
🍸 Cocktail Pe Charcha
Is it too overwhelming to research & plan your investment? Say no more, we can personally guide you into mixing the perfect financial cocktail to manage your money!
So, there you have it, a delightful mix of money, law, and love! Remember, just like a pinch of salt in hot chocolate, your relationship can also be a blend of a whole lotta love and a wee bit of law to make it perfect! Open conversations lay the groundwork for a relationship that's not only emotionally fulfilling but legally secure.
So, go forth and weave your love story with a dash of legal savvy and a sprinkle of financial wisdom.
Cheers to endless luck (read: wisdom) in love, money, and all things happy🎉🤝💰
