Today, many women are well-educated, working, and earning their income. They also share family responsibilities.
However, women lacked financial independence in the past, so special laws were created to protect their rights. Some of these laws are still in effect today. One significant law in India is the 1874 Women’s Property Act (MWP Act).
Passed during British rule, the MWP Act granted married women control over their money and property—an uncommon right at the time.
Even after nearly 150 years, this law provides financial security to women, although many people are still unaware of its existence. It includes various provisions designed to protect married women’s property. Let’s explore some of its key features.
Key Features of the MWP Act
Before the MWP Act was enacted in 1874, married women in India had almost no rights to their property. Any money, land, or gifts they possessed became the property of their husbands after marriage.
If a husband incurred debts or faced financial troubles, the wife’s property was also at risk, and she had no legal recourse to object. The MWP Act changed this situation by establishing legal rights for married women over their property, a principle that Indian courts continue to uphold.
Her Property is Hers
According to the 1874 Women’s Property Act, any money earned by a married woman, property she inherits, or gifts received before or after marriage belong solely to her. The law protects these assets from being claimed by others.
Protection from Husband’s Debts
The MWP Act safeguards women’s property against their husbands’ debts. Creditors cannot claim a wife’s property to settle her husband’s financial obligations.
This act is a protective barrier, ensuring a wife’s assets remain secure regardless of her husband’s economic challenges.
Life Insurance
The MWP Act also extends modern benefits, such as life insurance coverage. If a husband purchases a life insurance policy under this act and names his wife or children as beneficiaries, the funds from that policy are legally protected.
No one can access or claim this money without the beneficiaries’ consent, making it akin to a locked box. Additionally, no one can borrow against this policy or cancel it without the beneficiaries’ approval.
To enjoy these protections, it is important to choose MWP Act coverage when acquiring a new life insurance policy. Once the policy is issued, no changes can be made to add coverage under the act.