Evaluation of Property
While the actual proceedings of a divorce might be handled by specialized lawyers, we offer advice to aid in the land valuation & property assessment settlements in such cases. As separation demands a division it is necessary for both parties to have a clear understanding of the type and value of the assets owned within a marriage. For an overseas resident, to get an asset evaluated in India and then prepare a report for legal purposes is very challenging. He could get his personal matters sorted out by attorneys who deal exclusively in separation cases, but he would need specialized advice for such asset division settlements.
There are various evaluation methods and usually one can engage special evaluators for value estimates. During the course of any separation, financial resources need to be correctly assessed and evaluated.
It is possible in a lot of cases that the parties are not aware of each other’s assets- both foreign and domestic. Sound legal advice and guidance become vital for a fair resolution to the matters. More often than not, people find themselves lost about the requirements of the particular situations. In most cases, despite legal provisions, women still end up facing situations of financial safety – clarity about share in husband’s property would help take care of many such issues. Even if we were to consider the increasing number of working women in India, the fact is that most married women still continue to be dependent for financial security. Divorce laws have been framed in such a manner over time that women get protection in terms of financial security. Property could be in various forms – share in business, dowry that the woman brought with her, gifts that she received whether in her marriage or later on from friends and relatives, various other assets collected by them. It is sensible to seek appropriate solutions for the resolution of these matters.
When a marriage breaks down either the man or the woman can approach the court to settle such division matters. They could be seeking division amongst themselves and for their children. If they do this jointly neither party would be seeking to take action against the other – in the case of disputes, one party would initiate action in court through lawyers or seek help elsewhere. While settling these cases, what is kept in mind is that there are two different types of property being considered here. That which is bought by two people during their marriage is called “marital property”. And that which belonged to the individuals before their marriage or was gifted to them from someone other than their spouse would fall under the category of “separate property”. During separation, it is the first category that will get divided between the two people.
What is to be kept in mind during these settlements?
- Proper legal advice for vital to resolve things in a fair manner
- It is necessary to hire a legal representative who can assist in preparing a comprehensive report on the assets along with an evaluation of each asset at a current prevailing market price.
- All legal advice including should be taken at the time of divorce as the court orders the financial settlement only during the divorce process.
- Each income disparity should be reflected during the division.
- If these factors are not properly considered at that time, then it will probably be too late to rectify and legal rights will never be restored.
Our real estate division offers services to clients for doing a title search, and obtains all relevant documents to review and study them. Then a comprehensive report is prepared as per the requirements of the client.