When divorcing, property matters are often problems for all spouses to divide. Especially for couples who have been together for a long time and have a lot of properties being movables and real estates. How the properties are handled after divorce will depend on the will of the two parties, and then need legal intervention. This article will provide readers with answers to the question of how assets are handled after divorce.
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According to Article 59 of the Law on Marriage and Family 2014, after divorce, husband and wife’s properties are divided based on the following principles:
- If the husband and wife have agreed on the property regime before registering their marriage, the settlement of their properties upon their divorce shall comply with such agreement. However, if the agreement is not complete and clear, then the following regulations will be applied.
- Husband and wife’s properties without agreement on property regime before marriage registration shall be settled as follows:
- (i) Under the agreement of the two parties;
- (ii) If no agreement can be reached, at the request of the wife and/or husband, the Court will settle property according to law:
- The common properties are divided into two halves but based on the following factors: family circumstances, efforts to contribute, maintaining and developing the common properties, labour within the family is considered as a labour with income, and protection of the legitimate interests of each party in production, business and occupation so that the parties can continue working for income generation, faulty elements within the husband’s rights and obligations. Common properties of husband and wife are divided in kind, if not in kind then divided by value on the principle of balance;
- Whose private properties belongs to that person’s private properties. In case of merger or mixing of separate properties and common properties, when the husband and/or wife request for division of properties, they shall be paid for the value of their properties contributed to that property block, except for otherwise agreed by such spouse.
- Protecting the legal rights and interests of wife, minor children, adult children who have lost civil act capacity or have no working capacity and no property to support themselves;
- The property rights and obligations of the husband and wife toward the third parties are still effective after divorce, unless otherwise agreed by the spouse and the third person;
- In case the husband and wife live with the family: the husband and wife’s properties cannot be identified in the common property block, but based on their contribution to the creation, maintenance and development of the common property block;
- For land use rights: depending on each type of land to have an appropriate division according to regulations (based on Article 62 of the Marriage and Family Law);
- Houses under private ownership, which are put into joint use but when divorced, the other person with difficulty in accommodation may stay for a period of 06 months from the termination date of marriage relationship, unless otherwise agreed by the spouse; and
- In case of doing business related to the common properties, they have the right to receive that properties and must pay the other party the value of the properties they may enjoy.
Of note, the written agreement on the property regime of the husband and wife are declared entirely or partially invalid by the Court when divorced, then, apply the property regime of husband and wife according to law to all properties or part of properties declared invalid in such document.
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