💰 Family finances · #53
A husband asks his wife to stop working to look after the children. How can her finances be protected?
If she agrees, the decision should come with clear financial guarantees, because she loses income, retirement contributions and financial independence.
A husband who asks his wife to stop working carries the full responsibility of maintenance according to his means (at-Talaq 65:7), and a major decision like this should be made by consultation (ash-Shura 42:38). Things to agree on: a monthly personal allowance for her; savings or voluntary EPF contributions in her name; takaful with her as beneficiary; and a record of her earlier financial contributions to the house and other assets. In law, a wife's contribution in looking after the home and family is taken into account when dividing jointly acquired property (Act 303 s.122). She should also keep up her skills and network so she can return to work if needed. See Jointly acquired property.
A husband who asks his wife to stop working carries the full responsibility of maintenance according to his means (at-Talaq 65:7), and a major decision like this should be made by consultation (ash-Shura 42:38). Things to agree on: a monthly personal allowance for her; savings or voluntary EPF contributions in her name; takaful with her as beneficiary; and a record of her earlier financial contributions to the house and other assets. In law, a wife's contribution in looking after the home and family is taken into account when dividing jointly acquired property (Act 303 s.122). She should also keep up her skills and network so she can return to work if needed. See Jointly acquired property.