Mutual divorce - few queries

Confused wife (Querist) 24 August 2015 This query is : Resolved
Hi,
My husband is having an extra-marital affair and we have decided to go with a mutual consent divorce. i will have custody of our children. Couple of queries:
1. He has some equity (shares) that i want transferred to our kids (minors). Is that possible? What are the dos and donts?
2. We had our own home that we sold earlier to clear some of his financial problems. i want a new house in lieu of this one. Is it possible for us to buy a new home in my name but he clear the home loan? What are the options to make this happen?

Please advise.

Regards
UM

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Guest (Expert) 24 August 2015
I am Sorry To Say You Have to Be very Cautious While Agreeing For Mutual Consent Divorce.Now He May Agree For Every Thing But Once He Settles with Other Lady He Would Change And You Would Be Helpless.Regarding Shares Let Him Transfer It To Children Placing Only YourSelf As Guardien.Regarding Home Loan The Home Would be In His Name Only Being The Borrower In Bank.Take Every Thing Writing If Possible Submit Your Understandings In Court Before Divorce.Better Be Careful and Have A Local Good Senior Advocate with you For Every Thing To Be Taken Care.Once Mutual Consent Divorce Is Over Sorry To Say He Would be Gone.

Rajendra K Goyal (Expert) 24 August 2015
1. Shares can be transferred in the name of minors under guardianship of yours. Get these transferred before MCD petition. Demat account need to be opened.

2. The arrangement need be mentioned in the MCD petition and if possible the fact of loan payment be guaranteed by third party in Bank and their liability be mentioned in the petition also.

Better consult local to discuss in detail.

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