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FightForCause (Businessman)     22 September 2015

Joint property after divorce

Hi Experts,

Wife and Husband own a joint property registered in both name.

Husband made most of the downpayment and some EMI's. 80%contribution

Wife paid EMI's for 2-3 years. 20% of contibution

I read some forums and got to know irrespective of contribution wife and husband both have 50% share as it is jointly owned property - IS it correct?

If correct, please help me with law and section where i can read the law and understand it correctly please.

I am in talk of MCD with wife and if it is clear that court will give her 50% share without going into details who contributed how much , then i will say yes for 50:50 share. Please share ur thoughts and law definition.

 

Thanks in advance.

 



Learning

 2 Replies

Kumar Doab (FIN)     22 September 2015

It is jointly owned property hence ownership is 50:50.

Look into house loan agreement. If it is in 2 names and both liable to pay equally ask the other borrower to pay equally.

 

Consult your lawyer in person.

1 Like

FightForCause (Businessman)     22 September 2015

Thanks Kumar,

Its a joint owned property. My lawyer i believe is misguiding me and telling that property is always distributed according to share of contribution, but in forums i got reply its 50:50.

In my Divorce consent terms 1 point is distribution of property share in 50:50 ratio, which it seems is according to law. But as i have contributed 80% i was demanding 80:20.

If law says 50:50 then i do not want to fight over it.

Property selling at 40lakhs.

if 80% i get 32lakhs and if 50:50 i get 20 lakhs.

huge money is involved so i m making sure i get the correct advise. I do not want to contest the divorce if at end property distribution is 50:50.

can u please let me know the section which states this 50:50 distribution.

It will help me to educate myself and even my lawyer


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