Dividing the property between husband and wife is quite a difficult task. Divorce period is considered to be one of the emotional moment in an individual’s life where the both the men and women cannot think rationally on anything. There will be lot of anguish and best ways should be found to clear the property issues amicably without being partial on one. The division of property rules varies from country to country and the laws of India will always protect the female partner more, considering them as weaker sex.
Family property division after divorce
This is most complicated thing to perform. Different assets such as house they live, property that have been put on rental, properties that belongs to business, inherited properties, self earned properties should be put forth before starting the dividing of properties.
Properties should not be divided based on just current value. Property short term and long term returns will determine the financial security of the concerned. Deciding who will get what is a big challenge But advisors are available to clear the issues.
Division of Marital Property
Property purchased by either husband or wife after marriage is termed as marital property. Such property should be equally divided between either of spouses in case of divorce. If non marital property is there it should be made sure that other spouse does not invest any finance to upgrade or construct new any property in the same. In case of such instance this non-marital property should be split according to the contribution. If marital property got sold and one portion is retained by husband or wife then the monetary value of amount settled will be taken into account while separation.
Property that comes to the owner as gift after marriage is not considered as marital property and at the time of division, this goes to the individual who has received the same as gift.
Property purchased by after divorce or before marriage does not fall under marital property and does not require division.
Division of Ancestral properties
Possession of Inherited property before marriage does not require division between husband and wife. Kids have no specific right to claim the ancestral property if the parents gets mutually divorced. After the life of the father or mother a kid can claim his share on property.
Specialist advocates and property consultants can be approached before the separation is finalized to have amicable settlements.