Psychologically, although getting a divorce, is a very stressful task for both couples. Maintenance, alimony, and property settlement are the things that make them even more debatable. A couple may be financially stable, but after their separation, it may entirely be another story. They need to be aware of all constitutional laws, to intervene in who gets what share of the property to reduce the most concerning issues.
Property rights constitute the legal rights to procure, own, sell, and transfer property, to gain from rents, keep one's wages, make a contract, and bring lawsuits. During this, one of the most sensitive matter is the women property rights following the divorce. As per the Indian law, the prevalences of a woman on the husband property for a divorce property settlement depends on various cases like it mainly depends on how the couple got separated and the reasons behind the separation.
Let's see in detail about various scenarios and women property rights after divorce:
What Are the Women Property Rights If the Property Is on the Name of Her Husband?
When it comes to a mutual divorce and if the property is on the name of the husband. As per the law, the wife has no right on the property. In the eyes of the judicial system, the property belongs to the person in whose name it's registered. And within the eyes of the bank, the person in whose name the loan is granted would be accountable to repay the loan. If a property is registered exclusively within the name of a particular person and he is additionally the only one to pay the home equity credit. Then, the law grants the possession of the property for the same as a divorce property settlement.
In certain situations where the wife didn't contribute anything, even then also the husband can't force her from the house. As per the women property rights, until the relationship is annulled, which is done after the court states that the husband and wife are lawfully separated, until then she gets to stay. Once they are divorced, the wife can claim the maintenance and livelihood cost from the husband for herself and the maintenance of their kids but not the property share as a divorce property settlement
What Property Rights Do Divorced Women Have in a Joint Property?
Couples purchase a joint property for various reasons, be it tax savings, easy financial savings, or both of their contributions in buying a home. If the property is registered as a joint property among husband and wife, as per the women property rights, the wife can stake a claim at the time of divorce. Supported her contribution to the property, the court as divorce property settlement can grant her contributed share. Just in case the property is registered exclusively within the name of the husband, he can claim it entirely unless the wife proves that she contributed to the acquisition.
For this women property rights, the wife needs to show her contributions proofs to purchase the property on the husband's name. She can showcase the account statements to claim her rights. For joint ownership, if the couple buys a property together. However, once the property is heading towards a divorce. As per women property rights, for being a co-owner, the woman holds the proper to remain within the property till the divorce is approved until divorce property settlement. Either the woman or husband can kindle the settlement of their share from the one who wants to retain the property. This can be done before, or at the time of divorce, they are also susceptible to pay the share based on the current market.
What If Husband Strands the Wife Without Divorce?
If the husband deserts a woman, nevertheless has not taken divorce, the women property rights state that she and her kids have the proper to declare their share within the father's property. If the husband has kids from another wedding, the law provides a partiality for the legal woman and her kids. If in case, there's a property that's owned by the husband, the initial legal woman, and her kids will claim their right within the property owned by their genetic father.
In this scenario, the father/husband can become the fourth stockholder of the property and also the kids from the second wedding, together with the second woman, will claim their share solely from the father's share of the property. For the second wife to get a full share, she should marry the man only after the divorce property settlement of the first wife. By doing so, the second wife is subjected as the lawfully wedded wife, and she and her children can claim women property rights only until they are in the relation.
Stamp Duty Charges on Acquired Properties During Divorce
Transfers of assets between alternative persons won't escape from tax. For example, transfer between siblings is treated as a transaction for tax and is taxed similar to an open market sale. Although transfers between spouses are exempt from the long-term capital gains tax, there's another tax you've got to observe out for, and that is stamp duty. Although there are usually no stamp duty concessions for married couples, things are different wherever there are divorcing, dissolving a civil partnership or separating.
When they need to transfer the property from their joint names into the name of a single partner. As the other have got a reasonable share in terms of money or any other assets. Where such a dealing comes concerning in pursuance of judicial separation or an agreement between the parties about divorce, nullity of the wedding, legal separation, or the dissolution of a civil partnership it's exempt from stamp duty land tax. As relief is being claimed, a land transaction return is going to be needed.
During a divorce, property settlement is one of the most reasons for dispute once the couple separates. The country's lawmakers are considering granting women property rights on their husbands' residential property. If in case, they part their ways, regardless of whether or not it had been nonheritable before the wedding. However, a lady seeking a divorce isn't entitled to any share within the husband's property. The possession rests with the one who is holding the title. Nowadays, the husband and wife are equally contributing to the family's investment. It's better if they purchase the property jointly or at least keep proofs of their contributions for these tough times.
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Disclaimer: The views expressed above are only for information purpose and is not supposed to be taken as a legal note. For a clearer perspective regarding any legitimate issues, it's better to contact a legalised counsellor.