Kumar Bangalore (Engineer) 02 September 2012

Best possible way to divide the property

HI ALL,

Thnx for such a nice forum. My Name is Kumar. Here is my problem

I have my parents, elder brother (married with 1 girl child), I am single, working with IT company.Will get married soon.

We have our own house registered in the name of my mother Geetha. House is approx worth 90 lacs in current market rate. We are buying a Flat near my home for 55 lacs. I am taking home loan for 22 lacs , paying EMI from 6 months and remaining is taken care by my parents. But now property is registered in 2 names, me and my brother. For now we have decided to stay together. But in the future after my marriage I may have to split with my brother. How to divide this property and Flat....wats the best way..

Pls guide me, help me.....how should I ask my mother to make a will. and also plan to take care of my parents medical expenses equally in future...

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3 Replies

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 02 September 2012

Who gets whom is to be decided by you. You'd have equal share in the mother's property. In property jointly owned if later you or your brother wants to give up share - that can be done by executing a registered relinquishment deed. A comprehensive registered family settlement may also work for you.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 02 September 2012

The will docuement cannot be written by force.

Kumar Bangalore (Engineer) 20 October 2012

Also I have the following points for which my brother, everyone should legally agree at home....to be on safer side...wat can I do for that

1. Since parents have pourned down all their money, who will take care of medical expenses.

2. Ultimately, in that Flat only ne family can stay after I get married

3. Security for parents, as well as my brothers family....

4. Can we divide the entire property , own House + flat into 3 divisions, One division for parents, one for me and family, one more for my brother and family...how can we do that legally

5. Parents say third property division will be given by them those who take care of them

6. My brother has agreed to pay EMI, but no guarantee whether he will.

7. Wat if I want to go to a separate house , Flat after my mariiage if wife s not compatible, wat are the steps I need to take.

8. How division can happen without any hurdles, can we do it now itself....coz things will change after some years after going to FLAT

9. parents have told me to bear the gold cost, car cost for my marriage...atleast 20 to 30%

10. Make sure everyone is secured.