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SMy father recently sold a property and bought another. He was about to register it in his name but now wants me to register it in mine. I’m currently unmarried but plan to get married in 1-2 years. Given how things can turn out in marriages (seeing news, etc.), I want to be cautious.
My main concern:
1. If the property is in my father’s name, can my future wife still claim any rights to it?
2. If it’s in my name, does she have a stronger claim in case of disputes?
I want to ensure minimal risk while keeping things fair. Any legal insights would be greatly appreciated. Time is of the essence!
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SWhat is NAL?
I was thinking of the same. But father is asking to get his name for future prospects as he is old can’t do much running; and He said you can loan on it, etc., but my concern is only that marriage issue . Probably going to be an arrange marriage, still there is risk .
Is there any benefit to registering in my mother’s name? Apart from less registry charges-
IDon’t put it in your father’s name. There is virtually no benefit in doing so. Why your father is saying so is beyond me. So, in case of a divorce, your wife can claim your property, your father’s property or any pushtaini property. But your mother’s properties are isolated from that. Any loan or anything can be taken by your mother as well against the property in her name, but don’t do that. Unless absolutely necessary, don’t encumber her. And, NAL means not a lawyer.
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SSo. At the time of divorce, my wife could even claim my father’s property and ancestral property!! That’s my only concern. How much are you sure about that !?
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ANAL – but as far as I know, if it’s under your name, your wife can claim. If it’s under your father’s name, your kids can claim and you will have no say, as that is an ancestral property for the kids. If you do get divorced in future, and your wife has a custody of the kid, you know where I’m going with this.
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UAFAIK, that children’s claim on grandfather property only works if its an ancestral property. So basically, since grandfather bought it from own money, he can give it whole to the son (OP here) and children cant claim it. In case, grandpa dies and then property is being divided, then kids can claim it.
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WDo you have any siblings ? Do you know your future wife ?
If the property is your name , your wife can claim .
If it’s on your father’s/mother’s name , then your siblings can claim-
SYes, siblings, elder sister. I don’t know my future wife.
Which has lesser risk? Claiming by my wife or my siblings.
As if my siblings claim that in future, my father still has the right to whom to give. Nobody can force him-
PYou are not even married and your wife can only claim if you get divorced.
Your sister has equal right now. Your father can change his mind and give the property entirely to your sister.
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GNot answering your q directly, but:
If the old property was in your father’s name, and the proceeds of that were to be used to buy a new property, but in a different name, then the original property’s capital gains taxes will still kick in. Your father will then need to pay that IT. Please talk to a CA before deciding in whose name you are going to buy the property.
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SBrother, yes I know about capital gain tax and how much I have to pay. But my concern is very different and my father is not asking me to put on my name just to avoid tax
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HLawyer here.
Make a trust with your parents as turstees
Transfer property to trust.
Lease the property in your mother’s individual name and pay nominal lease/rent, so you can always claim that the property is leased.If divorce happens, alimony is based on your earnings as well, you’ll need to figure that out.
Take a loan from the trust (say for marriage expenses) and every month pay part of your salary to the trust, that will save money, ensure money is there for your parents and if it comes to the unfortunate alimony part, you can tell that you have loans and 30-40% of salary goes in loans, so the amount of alimony reduces.-
UIt wouldn’t stand a chance in court. The wife’s lawyer could easily prove the beneficiary are his parents who are otherwise financially independent and the loan is just a sham. Escaping alimony from your own income is possible only by buying out the judge.
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HNow that’s a presumption.
A trust is a separate legal entity and a loan is a financial document.
To lift the corporate veil for alimony has no precedent. There is however, a long precedence that a separate legal entity should stay separate and independent.
And this is much before the marriage commences. -
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EThe society is adjusting to the changes, just like women have made changes not to follow traditional roles, Men are changing and adapting not to follow the traditional provider role, but rather a partner during marriage, unlike a soul mate or something. Serial monogamous partners, that’s where India is leading to, and in that game, Men need to protect their assets.
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DIf the scariest part of divorce for you is losing your assets, you probably shouldn’t get married!
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H1. Don’t do this option, if you are exploring potential risks, your wife isn’t the only vertical here, your mother and siblings (if any) also have a share in the father’s property if he dies intestate. Even if you choose this option, register a will right after you register the sale deed, make yourself as a beneficiary and in case you marry and have a child, register another will and make your child the beneficiary.
2. The wife has a claim on the husband’s self acquired property in case of divorce, sounds too farfetched but the law has been bent in many ways over the years and some wives are successful in getting a share in the husband’s property.
If the property is worth a lot, then follow the advice given by my learned friend about registering a trust.
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SEven I was inquiring about making a Will but my real estate agent told me that doesn’t matter if you prepare a will, the authorities will even ask my siblings to present and give in writing that they do not need any share. Can’t say for sure if it’s true or not .
as I read your 1st point, I can say it is a game of trust between known ones and an unknown one. Depends mostly on luck, I guess.
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UThat’s not the solution brother… Then the one who created this mess will be benefitting more and we lose more ..
And before that, if you note in recent times, there is a thing called MARRIAGE STRIKE,
which was planned by some men’s organisation with age of 25 to 28 men go for a strike.. not sure whether it happened.. but looked like a promising initiative…
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EIt’s not fear, it’s preparation, getting married has these consequences, and there is nothing wrong with expecting the worst,and preparing for it. You don’t want your hard earned money to give it to someone who doesn’t make you a cup of coffee, it’s like rich people planning for taxes, it’s nothing wrong, you protect your assets for self preservation.
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UHonestly we can’t trust anyone these days. I’m not going to give a legal advice, more like life advice. Do not disclose your wealth, salary and property till you get to know each other very well and develope the trust that is required in a marriage.
There are always signs that a person could turn out to fraud you watch out for those signs.
I’d suggest don’t get married to a person unless you completely trust them, there’s absolutely no hurry, observe them for red flag signs, take your time to get to know them, that should be a non-negotiable.
I personally am super worried too that I’d end up with someone who would label me a fraud who is behind his wealth even before he tries to get to know me or even know who I am going to be, so I’ve decided not to get married at all. You could try that as well. Stress free option.Regarding legal advice, this thread has some really brilliant advice, that should help you out well I feel.
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