Division of your property on Divorce

A divorce generally involves the separation of a couple or a family and along with it comes the hassle of splitting their property or assets between them to determine what is “ his” and “ hers” . Divorce is a huge step in anyone's life and it not only affects you personally but financially too. It is therefore important to understand the financial implications of divorce.

If the divorce is happening by mutual consent, the problems of splitting the assets in a manner fair to both parties can be resolved easily. However what about in an ugly divorce? Do the same rules of fair manners sustain or is either of party greatly undermined? Earlier, a woman was entitled to a share in her husband's properties, but there was no quantum defined as per law, it would be any percentage depending on the case. However, as per the latest amendment, the property has to be divided in an equal ratio. This rule is applicable to all the properties of the husband acquired before and after the marriage, whereas, earlier the wife used to get a share only in those properties which are acquired by the husband only after marriage.
 

Husband & Wife joint holder's in a residential property

In case a couple registers a residential property in joint name, in the event of divorce woman will keep her 50% part and she will also get half of her husband's share in the house, so 75% wife and 25% husband.

Rights of women after divorce on other properties

The wife will also be entitled to get a share in other kinds of properties, but the quantum is not fixed, as per the Bill, it will depend on the “ living standard of the wife” .

Rights on other properties

Apart from all these, properties such as mutual funds, some business ventures, etc are also a part of the property for division and are to be equally distributed between the couple.

How can a Lawyer help you?

Divorce is a stressful time for everyone involved. Hiring an attorney to complete a divorce is one way to reduce the stress of the divorce. While the attorney will need to gather information from you regarding the case, he or she will also take care of all the paperwork, allowing you more time to take care of yourself and your family. An experienced divorce attorney can give you expert advice on how to handle your divorce owing to his years of experience in handling such cases. You can also use LawRato's Free Legal Advice service to get free advice on your case from expert divorce/matrimonial lawyers. A divorce lawyer is an expert on the laws and can help you avoid significant mistakes that may cause financial harm or will require future legal proceedings to correct. Thus, by hiring an attorney a person can make sure that he can avoid delay and get the divorce completed as quickly as possible.

Advocate Chikirsha Mohanty

4.0 | 2+ user ratings Greater Kailash - 1, Delhi
5 years

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