Overview: I'm in a troubled marriage and it is heading for a divorce. The catch is I had purchased a flat couple of years back, in which I have also included my Wife's name as a co-owner (% of rights /ownership not defined in sale deed). She contributed approx 16% of downpayment (bank transaction record available) and all the expenses which went into purchasing the flat. The loan is on my name and I pay the EMI.
Question: Based on the current progress, I guess we will end up in a divorce. In the event of divorce, I dont intend to keep the house as the sole motive to purchase it was for my wife and kid. And I'm quite certain that she will not release her share of ownership, neither will she contribute towards the EMI. What are the options available to me
1) To sell the property, if she does not agree to release the ownership or sign on sale papers.
2) What happens if I default on EMI and the Bank ceises the property. I understand I will take a hit on my credit rating, but I will take multiple personal loans to keep a stack of cash for the future 3 years. Can the bank seize my other accounts / investments? I understand her credit rating will also be impacted if the current loan is defaulted, since she is a gurantor.
3) Can she show the willingness to purchase the defaulted property from the Bank and will the Bank allow that? I'm sure she cannot manage approx Rs 65L in cash to purchase the house from Bank.
4) Any other option through which I can retrieve the flat ownership from her 'grip'?
