Happiness is to tie the knot with a perfect Soulmate and the joy of beginning a new life with the person you love the most. The first thing after getting married is the investment about which almost every couple thinks and what is a better investment option than buying a home for the family? Thus, the couple saves a lot to buy their dream home but the life is not a fairy-tale always and sometimes the married life hit the rock and this is when the couple decides to get divorced. But, getting separated is not an easy thing especially when the other person involved in the marriage is not willing to do the same. Also, this brawl reaches a point when the property is required to be equally divided among the partners and thus any person going through the rough patch must know about the all the things related to the property dividation during the divorce procedure.
- If the Property is Owned Jointly-Owned
In case, the property is co-owned by the couple then the respective asset is valued according to the market price of the area and market trend after which the property is divided equally between the couple. Also, the Court considers the financial condition of both the spouses before passing a final judgment on the distribution of a property. The couple has to complete the legal formalities related to the transfer of property titles in case of exchange in the custody of a property.
2. Sell-off the Property:
Apart from battling for the property, a couple following the divorce procedure can also use this option. A couple can sell-off the property and pay the outstanding loan after which they can distribute the remaining money equally amongst each other.
3. Any One Partner can Retain Property:
Thirdly, any one of the spouse who holds a financial condition to purchase the share of other partner can pay alias buy the stake of another partner and then can earn the entire property on his/her name. But remember that, the property will be priced according to the market rate only. This is a better option as people prefer to retain the property themselves instead of selling it to someone else.
4. Continuing to Co-Own the Property:
Buying of a home lead to various expenses and tax rebates. Thus, the couple can also opt to enjoy the co-ownership of the property even after getting separated. In this manner, both the person can save tax via the tax rebate on a home loan and other rebates according to the value of a property according to the market rate. All these things must be mentioned in the divorce agreement clearly.
5. When the Property is Owned by Husband
As per the law, a wife cannot seek a share in the property entitled to her husband. It means that the wife has to prove her investment receipts if she asks for the share in property which is legally titled on the name of her husband.
6. When the Property is Owned by Wife
In case, the wife is named as the owner in the property purchase deed then she need not worry as the husband won’t become a claimant even if he has invested in the purchase of the same property. Usually, the men purchase a residential property in the name of a wife in order to save money on the registration fee and to avail tax rebate.
The thing is simple, that both husband and the wife are required to produce the proof of investment in the purchase of property as the Court produces a final judgment only after having a look at the evidences.