- This topic has 36 replies, 30 voices, and was last updated 1 year, 1 month ago by
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AHi,
I wish to get married soon, in a year or so. I am 33 year old Male.
I have substantial savings, Around 60 Lakhs in Fixed Deposits and another 60 Lakhs in Mutual funds. I also own a share of an apartment which is estimated at 2 crore.
To reduce my total net worth before marriage, i have thought of a plan.
1. I want to transfer 30 lakhs each to my parents BEFORE I GET married. This will almost eliminate my entire savings. THIS WILL BE DONE BEFORE MARRIAGE
2. Then i plan to redeem my mutual funds to cover my wedding expenses (Which can be another 30-40 Lakhs ) ..
3. I wish to completely eliminate my name in the ownership of the apartment. My parents will stay as the sole owner. THIS Will also be DONE BEFORE MARRIAGE.
4. My father will soon make a will, with transfer of assets to my mother. My mother will make a second will with transfer of assets to me. But these two wills will be kept as a SECRET.
In case if I ever end up in a dispute with my future wife, i think these moves will lessen the impact of a possible financial plunge.
Do they make sense, legally ?
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DNot sure you need to get married.
I don’t agree that you have ‘trust issues’ because it is OK not to trust most people anyway.
I just believe that you have not found anyone you love and trust, and so, until you do, don’t marry just for the sake of getting married.
If you have trouble getting laid, go to a country where s*x work is legal, and get laid. Even that is preferable to having a weird, calculating ‘marriage’.
If you want to get married just to ‘appear’ stable or ‘settled’, change your mind, because no one gives a f*ck.
Be comfortable with yourself, and marry only if you think you cannot live without the other person.
And it is just insane to spend 30-40 lakhs (a large percentage of your savings) on your marriage. Even an FD would yield 18-24k per month from that, which is enough for food and travel expenditure for most people.
But… It’s your life, and your call.
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ANo matter whom you transfer your properties to any of your family members or relative, if it is on record they will claim for that. Speak to not one but bunch of lawyers and seek their guidance and choose the one you feel confident with. And coming to your life partner, be thorough with your due diligence at everything. If you feel something is off at any point, just call it off because if it is bothering you now and then it will definitely will bother you in the future as well.
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BWhy do you even want to get married anyways?
* If your ans is sex, you must be very naive.
There are better ways to get that.* If kids and family is your answer, and you foresee a divorce, then you are not built to be a family man.
* If parents wish is your answer, then first learn to live for yourself. Because parents will always follow their programming, have kid (you), kids shaadi, grandkids etc all of which are for themselves not you.
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EHave 0 money with you before marriage. Make sure all the money is transferred to your parents or to a trust. Make a clear agreement about marital assets, written agreement about marriage discussions to be safe. Have everything recorded, witnessed. I got burnt through a false 498A case. Please be careful!
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PNAL.
Going for a 30-40 lakh wedding expenditure itself is a red-flag.
First off, you need to understand that no one knows how much you have in savings unless you disclose it in your lifestyle.
The best case scenario is to convert your savings into gold bricks and store it in a bank lockers, like 2 to 3 different banks.
You can live in rental, and never disclose who owns the apartment your parents are living in.
After all this, spend serious time in dating, and knowing potential matches. Don’t speed date, don’t hurry up. If and only if the relationship has already crossed the mark of 1.5 year, consider getting married. You can disclose your salary, but not the savings.
Transferring everything in your parents name, might backfire, because afterall they are humans too, they are biased as well.
When you’ll have kids and your married life would be going fine, you’d figure out how much you can trust your spouse, or whether the relationship is going to last. This takes anywhere upto 6 to 10 years. Then think about your kids as well.
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AGood sound advice.
I anticipate the wedding to cost me around 30 Lakhs, inclusive of all clothing.. I also live far away from my home town and i would need to house atleast 30 odd families in an odd 3 star hotel for a few days for example and that alone would cost me 3-4 odd lakhs…Atleast…
There are many over-heads…but 30 Lakhs is what i anticipate…Maybe it will be less….
I will take it easy…slow and easy.
I have some faith on my parents and yes you are right, it may back-fire. But that is the risk i am willing to take cause it is lot less likely to back-fire.
If i have kids, They will definately have a good upbringing.
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MIf after marriage, things go bad. She and her family tries to implicate you falsely, what will you or your parents so? You are looking at a contested divorce that may go on for 3-5 years including some jail time. Won’t you or your family pay her off to get out of it?
Sad situation but that’s how it is gonna be unless our laws change.
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MCourt will ask 3 years of IT Returns, Property transactions before 3 years of marriage. Even if you transferred now court will consider it as you did in malicious intent. Then they pass order for share/high alimony to wife.
Better wait for 3 years after transferring assets or be in living rather than marriage. -
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UInstead of doing all if this, why don’t you just marry someone that’s your equal in every sense including net worth, who you can love and trust. This just seems so dishonest and wrong. If your future wife comes to know about all of this after marriage, I’m sure she would loose all her love and respect for you, and then your marriage would fall apart anyway. If I were find this out my spouse, I don’t think I could be with them anymore. All of this seems so calculative, I guess marriages have just become transactional now.
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UWell I married in 2016 and that wasn’t that long ago. It wasn’t in an AM setup too, and all we thought about was how we wanted spend our lives together and help each other grow and build something for ourselves with equal partnership. Shouldn’t you think about what a true partnership and love means.. things like what if 10 years down the line, your wife needs a kidney, would you donate yours? I know l would donate mine to my spouse and my spouse would do the same for me. Anyway everyone has different perspectives. Your not wrong I guess, but thinking like yours is just confusing to me
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D“0 lakhs each to my parents BEFORE I GET married. This will almost eliminate my entire savings.” and then… “i plan to redeem my mutual funds to cover my wedding expenses (Which can be another 30-40 Lakhs ) ..” You want to spend more on your wedding than your ‘entire savings’ ? Your plan seems good, but in India, 498a + all the other sections can give you hell. Google what this means. If you are cooked, you are cooked…you could be penniless and still be cooked. Courts say beg borrow or steal but pay your dues to the wife…and of course, if it comes to it…
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