Are you carrying the burden of stringent relationships with your spouse? It is always better to address the issues to each other in a congenial way, discuss the solutions out of the situation and better settle on the right track. Why I am advising you to deal with the situation and try to live happily with each other? There are several moral, ethical and cultural reasons for this advice. You must be thinking if there is a moral reason behind adjusting with your life partner, then why this topic is there on a financial blog. Well, in addition to other important reasons, there is also an economical reason to sincerely love your spouse.
Marriage Law’s (Amendment) Bill 2010
Do you know that as per new Divorce Law, in the event of divorce, wife has a right to ask for 50% share in all her husband’s residential properties and her share in other properties will be decided by the court’s verdict?
Before the change in the law, though a woman was entitled to get a share in her husband’s property after divorce, but the quantum of share was not defined. However, even with the change in law, women will be required to apply to the court to get her share.
A look at the husband’s position
As per the previous law, a wife was entitled to demand a share in her husband’s property which was acquired by her husband after marriage. But due to change in the law, now a wife has a right in the property of husband which is on the name of the husband before as well as after the marriage. Therefore, even if the wife has 2 residential properties on her name and there is one such property on the husband’s name then her properties were remain as it is on her name and she will get 50% share of her husband’s property. That is, in any case husband is set to lose – a loss of wife and a loss of 50% share.
Husband’s position in case of properties held jointly on the name of couple
In many cases, property is jointly on the name of husband and wife. Irrespective of the fact as so who has paid the cost of acquisition, both will be the joint holders of the property. In worst of the case, their life reached the stage of divorce. What will be the wife’s share now? As the property is held jointly, wife has already got 50% share which she will keep with herself and there will be no division from her share. Now, we will talk about the 50% share which is on the name of husband. I reiterate, as per the amendments in law, wife has a right to ask for 50% share in all her husband’s residential properties. His wife can demand 50% from his part in the property. That is, wife’s total share in the property will be 75% and husband’s share will be 25%.
Loophole in the law
A change in law has forced many males to manipulate their property holdings. For example – a couple was undergoing a bad phase in their married life and the husband foresighted that their marriage will not be able to survive for long. He was aware of the law that says he is liable to part with 50% share of his property if his wife demands the same from him. In order to save his share, he transferred his property on the name of his father.
Divorce should not be considered as the best choice rather it should be the last option whereby you part your ways from each other. Love your wife or else be ready to give her 50% of your residential properties and a share from other properties.