How to protect your assets before and after marriage
Mumbai, May 29 -- When marriages end in divorce, it can get quite ugly, especially when it comes to dividing property and assets.
The courts award both interim maintenance and final settlement amounts, even in the case of mutual divorce. These can impose a heavy burden upon one of the spouses.
According to lawyers that Mint spoke to, several solutions are available. While none of them is foolproof, each can reduce the risk in litigation.
A certain percentage of marriages fail every year. There are no defined laws on the division of assets and court judgments can vary hugely according to the view taken by the judge overseeing the case.
One spouse does not automatically get 50% of the assets and property. The courts aim to maintain the same standard of living for both spouses after separation, which could mean the spouse who brought a large number of assets into the marriage may suddenly find himself or herself compelled to pay a large sum as maintenance or final settlement.
In the absence of defined laws, divorce cases can drag on for several years.
A family lawyer, on condition of anonymity, told Mint it is a common practice to file interim maintenance applications under the Hindu Marriage Act, Domestic Violence Act and Section 125 of the Code of Criminal Procedure (now replaced by BNSS). Once interim maintenance is granted, it can take five to seven years for a final decree.
In the case of marriages under the Hindu Marriage Act, the courts do not generally recognize prenuptial agreements. These are considered as opposed to public policy and hence void under the Indian Contract Act, 1872. It is invalid also because it overrides their statutory rights.
The chances of recognition of prenups are higher in the case of Muslims, Christians and Parsis....
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