This form is a model memorandum of law containing some law citations and issues regarding partition of a family business and related property due to dissolution of marriage proceedings.
Minnesota Memorandum Regarding Partition and of Family Owned Business and Related Property
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State:
Minnesota
Control #:
MN-8794D
Format:
Word;
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FAQ
If on the other hand, the partition is oral, the evidence to prove it, can be adduced. Such evidence may comprise of the depositions of the persons, who were allotted shares, or those acquainted with the partition or the revenue records, that reflect the partition.
Pursuant to the aforesaid agreement, the parties to this deed of partition, hereby divide the joint-family property in five equal shares for which purpose the same had been split up into five lots, each of such lot being incorporated in a separate Schedule attached to this deed whereby the properties mentioned in
A Memorandum of Family Settlement is a preferred mode adopted by the families to record the terms of the partition of family properties. MOFS should not be confused with a partition deed. Often an individual invests his hard-earned money to purchase immovable property for his enjoyment during his lifetime.
A family settlement agreement is useful given that it an amicable resolution among parties and does not take as much time as a court of law. Do note that transfer of property or assets under this agreement is not to be considered as a gift and is neither a transfer of right.
A settlement deed is a legally enforceable document and has to be registered. Only those properties can be settled which have been self-acquired (properties inherited and received through family partition are also considered self-acquired properties).
So answer to your question is YES, a Oral Family Settlement is absolutely VALID in LAW.Oral Family settlements must have legal sanctity under the Hindu Succession (Amendment) Act, 2005. If it is not registered no validity and it is even difficult to mutate the records without valid documents.
While a duly executed family settlement cannot be revoked, except with a court decree, it can be challenged in a court of law. An agreement that is brought about by fraud or coercion is a case in point. Any misrepresentation of facts regarding the title of the disputed property, too, can lead to future altercations.
Under the Income-tax Law, family arrangements are not considered as `transfer'. Therefore, even though properties and assets are settled among the family members, it is not subject to taxation under capital gains in respect of profits derived by the members who are parties to the arrangement.
SC Said That Oral Partition Can Be Only Accepted In Exceptional Cases If Supported By Public Documents. It was observed by the Supreme Court of India that a plea of partition for the purpose of Section 6(5) of the Hindu Succession Act based on the oral evidence it cannot be accepted alone.
A partition deed for a property is executed to divide the property among different people - usually among the family members. A partition is a division of a property held jointly by several persons, so that each person gets a share and becomes the owner of the share allotted to him.