How to part the family property – all details
Family property provides a way to protect family property if one spouse is wasting it to avoid it being divided. It sets rules to determine the value of different assets. When a spouse makes a court application to have divided the family property. Family property is the personal property owned by one or both spouses .It includes land and anything attached to the land.Court can make an order preventing a spouse from selling property. Family property is owned collectively by the family as a whole.
Partition of a property is to divide the property to different people. It is a division of a property jointly by several persons. Each one gets a share.The partition is done by dividing the property according to shares .Each divided property has new titles .Partition is the combination of surrender and transfer of rights .In case of partition is by consent,deed is executed by coating owners. The partition feed should be registered at the sub registrar office .You should pay Rs 1000 for each share of the property. The registration fee is Rs 500.
Coparcenary property can be divided.It is ancestral property. Partition is a division of property, held jointly by some people,each person gets shares. If property can be partitioned without destroying value , the partition has to be done.Impartible estates are not partitioned.
They can divide with the support of a court or their own decision. We can check if a property has collective ownership. Partnership rights will be described in detail in the partition papers. There are different types of laws for the rights of succession. In the Indian succession act, enacted to codify the law relating to unfilled succession. It defines the rule of devolution of a land in case a person dies without making a will. After the death of a person, widows have 1/10 gifts and children have ⅔ rights . Here the partition is not necessary. They can divide the land equally.
Let’s see how the stock is determined. It is not mandatory for everyone to share .It also has the right to receive shares as money. It is not legal to divide self made for ancestral property while the owner is still alive.you can be given on settlement basis, conveyance deed, or donation basis.
Property with more heirs,you cannot divide it properly, the court may decide to auction off and the shares can be issued on a regular basis. It is essential to measure and verify the property at the time of partitioning and add the exact details to the base. You should add the name, photo, signature in the partition papers. Two witnesses are essential here. There is 15 % stamp duty of the department and 1 percentage fees charged for the partition paper between the family members.