Mutual consent divorce
Santhosh123
(Querist) 22 September 2013
This query is : Resolved
Me and my wife are having mutual consent divorce after 4 yrs.
1.We have a house which is in joint ownership and joint home loan.My wife is ready to relinquish the property to me.What is the procedure for doing that including removing her name from the bank loan?
2. Her lawyer is asking for proportionate share of the current market value of the property.For example if the property was initially bought at 10 lakhs and her share of investment is say 3 lakhs and mine was 7 lakhs.If the current market value of the property is 20 lakhs and in the appreciated value of 10 lakhs she is claiming 3 lakhs as proportionate share.
Is there a law which states that either party can claim proportionate share of the appreciated current property value in a MUTUAL CONSENT DIVORCE scenario.
My understanding is if it is mutual consent divorce such claims can be rejected and we need to agree on a common ground.
Please advise.
V R SHROFF
(Expert) 22 September 2013
Santhosh,
In MCD, you both have to decide terms and conditions that suit you both.
All claims, once decided under the TERMS & CONDITION of MCD , is final.
Thereafter, no claim remains between you two.
So share of Flat can be decided mutually, irrespective of who invested what amt.
Point is who wants what portion/ amt.
All Property division must be finished before IInd motion, i/e. before Decree of Divorce, Otherwise both will face a long battle of Litigation.
So clarify, and finish partition of property & get it Registered, separated, and give/ take possession beforehand.
Rajendra K Goyal
(Expert) 22 September 2013
Agree with the expert V R SHROFF ji. Nothing more to add.
ajay sethi
(Expert) 22 September 2013
agree with mr shorff . in MCD in consent terms settle all disputes . if you dont agree to amicable distribution of property you have long legal battle ahead .
