Married Women’s Property Act
MWPA (Married Women’s Property Act 1874) is the most powerful tool to protect her property/asset from her relatives, creditors, and her own husband.
This Act is in existence since 1874, but there are very less people who know about it or who availed the power of it for his family, only 1% to 2% of people know about it and out of which only 10% hardly opted it.
This gap is due to of advisers as they should teach about the Act to their Prospects at time of Plan discussion with Prospect, but mostly adviser don’t let them know, some time adviser also not aware of MWPA.
What is MWPA : MWPA as name defines, an act to protect properties of Married Women, in our society women are still weak and don’t fight for themselves, in India only 20 to 25 percent women are working women, hardly 25% out of them fought for herself, what about the others who are not aware,” how to protect their properties”. Government of India had introduced MWPA to help out them. If any Property owned by a woman and registered under MWPA, then NOBODY (even his own husband and even the Courts) can touch her property by law.
Section 6 of the MWPA 1874 provides that a Life Insurance Policy that has been taken out by a married man on his own life, for the benefit of his wife and children, shall be deemed to be a trust and will be outside the control of the life insured, his creditors and court attachments etc. It means if you even declared bankrupt then after your wife’s property will not get affected at all.
We will continue MWPA related topics shortly….