Divorce Guide

What is the law regarding the division of assets

A divorce is certainly a thing nobody thinks of while getting married, but at times things start to shape up in a way that getting one is the only option which is left to have a happier future for both the spouses.

When a divorce suit is filed in the court of law, one of the chief time consuming and most frustrating part for the spouses is that of the division of different assets and properties that the couple owned. It may be noted here that the property in legal terms means all the assets which the couple had bought during the time of their marriage. It not only includes the real estate property but also includes all the bank accounts, home, loans, car, jewelry, or anything bought after the couple was married and till they part. Division of the assets between the spouses is usually done on an equal half basis, i.e. both the spouses get equal amount of properties. Here it may be noted that the court makes a value of everything, so the side getting the possession of the family home may get the lesser share of other property to balance. The laws try to divide the assets equally in a fair and just manner.

Although laws of different countries vary vastly but the one thing common in all of them is the essence of equality when dividing assets between the two partners. Of course, the condition of living, source of income and future prospects are also things which the courts keep in mind and hence the division done by the courts may seem to be unequal in material terms, but is ideally equal in spirit.

The split is seen to be unequal commonly in the cases where the children are involved and are a part of the family. This is because the children and their future upbringing and development is considered of the utmost importance by the courts. And the parent who gets the child custody is usually given child maintenance allowance, for the healthy and fine upbringing of the child. This allowance is often settled by the judge after having looked at the financial condition of the spouses.

Let us look at some of the laws

1. The monetary property and shares, bonds, etc are divided equally.
2. The family home is sold off and the amount is then equitably divided among the spouses by the court.
3. The court divides the pensions, insurance, etc among the spouses by taking into account different aspects and conditions of the spouses in an equitable manner.
4. Sometimes, the property is not divided if there is involvement of children, and the mother or the father is asked to take responsibility of the child and live in the family house, with the other paying for alimony.

Consulting an accountant and a legal attorney for specific local laws is highly advisable in divorce cases.

Divorce and Children
Divorce Laws
Financial Issues
Legal Information
Divorce in Switzerland
Divorce Advice for Europeans
Post Divorce Issues
Divorceand Legal Assistance