How to manage joint property ownership after divorce

Family is the most integral part of making a house a home. But unfortunately, divorce has become a harsh reality of society. In modern times, both partners contribute to buy a property. And, thus, when they split, each partner tries to claim ownership of the property. Of all the assets you brought as a pair, the real estate properties call for the most attention.

Between emotional turmoil and social pressure, the division of property can be quite difficult. To claim their respective shares in the property, both parties must provide proof in the form of clear documentation. There can be real confusion over who pays to buy the property. Therefore, each party is required to produce proof about every penny spent on the property. In this article, we have shared some tips on how to manage property ownership when you say it with your partner.

How to divide residential property after divorce?

There are three simple ways in which a couple can divide a real estate asset. They are mentioned below:

· Both parties can rent the property and share the rent equally. It is a good idea if there is speculation that the property price will increase over time. You can continue the rental income until the property rate goes up and you find suitable buyers for it.

· If it is difficult for one spouse to leave the house, the other may rent part of the other party. If the former wife decides to rent it from the husband, it can be adjusted against any alimony allowance made by the husband.

· The third option is that one partner buys the other partner's property by paying in cash. But if there is confusion on the part of each partner in the property, it is better to clarify it first.

If there is a long-term home loan that has to be repaid by each partner, it is best to keep paying EMIs. And, until then, they can rent property and share income.

How to establish your claim after divorce?

· If each partner can present well-written documents proving equity in your claim and assets, the division of assets becomes easier. However, in the case of joint ownership of property, both husband and wife legally will have equal rights over the property.

· However, if a party contributed more money to purchase the property, it can claim a higher stake in the property by furnishing valid documents such as bank statements and EMI payment receipts.

· In India, many husbands decide to register a house in their wife's name to take advantage of reduced stamp duty. In this case, the husband cannot claim his share in the property even though the entire property has been purchased by him. Indian laws on marriage recognize the ownership of homes.

· If the property is jointly owned by the husband and wife, after the divorce, the former wife is entitled to receive 50% of the property, even if she has not contributed towards purchasing the property.

· If a property is owned by the spouse alone, the other partner cannot make any claim on the property acquired themselves if they decide to divorce.

· However, if the wife has contributed to the purchase of the property, but the title deed is only with the husband, then she can claim her share by presenting proof about payment of EMI and other details.

· If the wife has contributed towards the down payment of the property while paying the monthly EMI, the husband can claim ownership if he pays the amount extended by his wife.

Can every real estate be divided after a divorce?

Only property that was brought after marriage can be divided after divorce. Assets acquired by husband or wife as inheritance cannot be divided.

If India, if a woman wants a divorce, she cannot claim rights in her husband's property. However, if the husband wants a divorce, he must pay a regular maintenance fee to his wife or support her by providing the property.