When you split up, the biggest confusion arises about the property. While splitting up questions such as who will stay in the property, who will become the sole owner and who will move out, come into thought. To resolve these confusions let us understand how to split up when you own a house together.
While young couples who invest in properties generally mortgage them while securing a home loan. Therefore when a couple splits they are risking one of the biggest achievements in life. Assets are the primary reasons for disputes when a couple splits up.
A few years back the lawmakers supported wives and granted the right to the husband's residential properties. This is not the current scenario. The wife's share nowadays is generally decided by the court.
In some cases, the husband registers the property in his wife's name while purchasing the property to get benefits. In these conditions, the wife retains ownership of the property.
But if the person has evidence related to funding the property he/she can claim a portion of the property.
How to split up property in divorce?
Sell a joint property:
One of the options to split property is to sell it to avoid any tussle between each other. But if you purchased property within three years and you want to sell it you will need to pay for long term capital gains. Also if you sell a property within 5 years of construction, you need to repay the tax amount you have claimed prior for interest on home loan deduction.
You can sell the property and share the amount obtained and move out to start a new life.
Property retained by one spouse:
If one spouse becomes an owner of the property he/she can retain the other portion by purchasing it on the basis of the market of the value. For this, both parties have to come to a mutual understanding.
House remains a joint property:
A couple gets separated without separating the property to avoid tax implications. Again both parties should be on the same page if the house remains a joint property.
Last but not least you should always take legal assistance in times of serious occasions like this. A lawyer can give the best advice which will help you in the long run.
Try NoBroker legal services and connect with expert lawyers.
I hope you understand how to split up when you own a house together.
Read more:
What Is Joint Ownership Of Property?
How To Find Out What A Property Sold For?
How to split up when you own a house together?
Hamza
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2022-01-07T16:52:18+00:00 2022-01-07T17:00:43+00:00Comment
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