When it comes to divorce the resolution of disputes related to property is one of the most common; most complicated, and most tiring disputes. So how to know what is common property; what is private property and how to separate property of husband and wife after divorce accordingly the provisions of law; LSX Law firm will answer for customers below.
Civil Law 2015
Law on Marriage and Family 2014
Joint property of husband and wife
Property created by husband and wife during the divorce period ; such as being purchased, sold; engaged in production and business, given as a gift; or inherited together, including properties due to lottery or prize winning, etc. Separate property of husband and wife before getting married; or given as a gift; a separate inheritance… but voluntarily merged into a common property; such as being jointly owned, etc.; it is also recognized as a common property.
Separate property of husband and wife
Property formed before marriage or given as a gift; separate inheritance; or property formed from property divided by husband and wife during the marriage…
Division of property upon divorce
Accordingly the provisions of law; when husband and wife divorce but cannot agree on the division of property; that the parties request the court to divide; the court will divide on the principle that whoever’s private property belongs to that person. Shared property will be divided equally between husband and wife.
However, the Court will consider the contribution of each party to divide. In the event that the property cannot be divided; and there is a dispute; the actual property will be divided on the value of the property. For example: The house cannot be divided in two because of the small area; the court will divide the house value based on the results of the valuation of this house.
The court can let one person own the house and return of the monetary value to the other party; if both parties do not have the money to return the other party; it has the right to request the civil judgment enforcement agency to conduct an auction price; and divide the money between the two parties.
Can I divide my assets?
According to the provisions of law; the common property of husband; and wife is only divided among husband; and wife; but children are not divided. If the husband and wife agree to divide the children; the children will be divided. If the child is under 18 years of age; the person not directly raising the child is obliged to support the child; if the other person requests it. The level of support has mutual agreement upon by the two parties. If there is no agreement; the court will decide based on the need for average child rearing where the child is living.
Thus, in principle, according to the law; the common property of husband; and wife will be divided in half; but taking into account the contributions of each person. Separate property has no division; and children will not be able to divide their parents’ property. However, the parties have the right to agree on the division; without breaking the law.
In property disputes during divorce; there are many complicated issues; and the resolution time is also very long; so when divorce; husband and wife try to come to an agreement on the division; otherwise it will take a lot of time for the court to resolve; sometimes taking up to several years and costing a lot of court fees.
Please contact us for advice; and direct support to help you solve: Legal; fast; less travel; and economical costs for you.
Common property of husband and wife includes:
Firstly, property jointly made by husband and wife;
Secondly, property that husband and wife inherit or donate together;
Thirdly, troperty agreed upon by husband and wife is common property;
Moreover, husband and wife can agree on their common property
Separate property of husband and wife includes:
Property that each person had before marriage; separately inherited property; given separately during the marriage; property to be divided separately between husband and wife;
Property serving the essential needs of the spouses and other properties which; as prescribed by Law, are separately owned by the spouses;
The property formed from the separate property of the husband; and wife is also the separate property of the husband and wife yield; income arising from separate property during the marriage