How do we divide our property in divorce? Some money given by parents.
We plan to apply for a Mutual Divorce and have a query related to distribution of networth. My parents have given us Rs 8 lakhs (40-50% of flat cost) to buy a flat after we got married. This was given after 1 year we got married.
My question is that if we take a divorce, are we liable to pay parents 40-50% of flat current value OR Rs 8 lakhs + interest. Please advise.
Will your answer would be different if money is given by husband or wife parents?
To properly answer this question we need to know as to whether the said amount of Rs. 8 Lakhs was given to you as a GIFT or a LOAN.
If it is a loan then you shall be liable to payback the amount with interest. The flat is jointly owned by you and your wife and your parents do not have any right in this. (This is immaterial of whose parents had given this loan)
Now, if it was a gift then:
i. If the husbands parents had given: the parents cannot claim it back as once the gift is transferred you are the legal owner of the property gifted, in this case cash.
ii. Now if it has been given by the wifes parents then this cash shall come within the purview of streedhan and the same belongs to the wife and at the time of divorce, the wife can claim this entire amount from the husband.
We would also like to mention that in case your parents had created a condition that you shall have to return the money in case you take a divorce then such a condtion is not valid in the eyes of law and the contract is void ab initio.
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