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A divorce entails a series of responsibilities for both members of the couple. The sharing of assets is one of them.
Throughout this article, find out what to do with your bank accounts, house or other assets when it comes to shares in case of divorce.
Difference between community of acquired and separation of assets
A total separation of assets It is a type of contract that the couple makes, where the assets acquired before the marriage are not shared.
If there is no such conclusion of the contract, the communion of acquired goods is carried out, which is based on the opposite of the separation of assets.
Difference between own assets and common assets
In the community of acquired regime, their own assets are those that each member of the couple purchased before marriage. After marriage, what they acquire forms part of the common assets.
The couple’s common assets: what are they?
When a couple gets married, there are assets that are shared by the spouses, namely:
- Profits from business activity;
- Family Home;
- Income resulting from independent or subordinate work;
- Any other type of good.
What is the sharing of assets?
A sharing of assets It is defined as the sharing of assets in situations of death or divorce.
How do asset sharing work?
In case of divorce, the assets are shared between the members of the ex-couple. This process can be done in court or at a notary's office.
If they do not reach an agreement, the sharing can be done whenever this happens, as long as it does not exceed 10 years.
How are assets distributed in the event of divorce?
The division of assets in the event of divorce takes place in court or at a registry office. However, acquired goods before marriage, or inheritances do not fall into this division.
Who can request the division of the couple's assets?
Members of the couple can request the division of assets, or a proxy can represent the member of the couple who wants to request the division of assets.
Where can I request the division of the couple's assets?
In conservatories with the divorce counter with sharing. The ideal is to always consult your lawyer or contact you so that we can provide you with all the detailed information about your specific case.
What are the documents and requirements to request the division of the couple's assets?
To be able to request the sharing of assets, you must take into account the following documents:
- A list of assets and their value;
- An agreement on how they want to divide the assets;
- A certificate from prenuptial agreement, if it was not registered in a registry office or the chosen property regime was not included in the marriage register.
What other implications does sharing of assets have in divorce?
It all depends on the regime under which a couple gets married. If they did so under the community of acquisitions regime, the assets of each member of the couple purchased before the marriage continue to be theirs exclusively.
In the case of the general community regime, the assets are all shared. In the case of the separation of property regime, what each spouse has before and during the marriage is theirs alone.
House Sharing
It all depends on the regime under which the couple got married. If the house belongs to one of the members, they have the right to keep the house.
Unless the court finds that the other member should keep the house due to the existence of children.
When the house is a common asset, it must be shared, for example, through its sale and subsequent division of the money.
Separation of Bank Accounts
If there are joint accounts, the money belongs to both of them, and therefore the account may be extinguished or there may be control over movement in the account by the ex-spouses.
When one of the members of the ex-couple has access to an account held only by the other member, these must be expressed with the credit institution.
Responsibility for debts
Debts from family life, or those incurred by both before and after marriage, are the responsibility of both.
One of the spouses who incurs debts in their own name is solely responsible for them.
Family home
A house that is in the name of the spouses must be shared by selling it and sharing the profit between them.
If there are children and the house belongs to one of the spouses who did not have custody of the children, the house can be handed over to the member of the former couple who has the children under their custody.
How much does a divorce with division of assets cost?
Due to the complexity of each case, it is not possible to estimate the cost of a divorce by mutual consent and sharing of assets.
What is the supporting legislation?
Among the various documents, there are five that stand out as support throughout this process:
- Decree-Law No. 272/2001, of October 13;
- Civil registration code;
- Civil Code;
- Emolumentary Regulations for Registries and Notaries;
- Ordinance 60/2017, of February 7th.
What to do if there is no agreement on the sharing of assets?
In situations where there is no agreement on the sharing of assets, you must go to court to start the process.
The role of the lawyer in the division of assets during divorce
One divorce lawyer becomes essential in the entire property regime process. Your help is needed whether to provide advice or to handle the case in the event of a case going to court.
Conclusion
Everything essentially depends on the regime under which someone gets married. When there is community of property, these same assets must be fairly divided between the ex-spouses.
The help of a lawyer is essential to advise and help someone facing a property separation process.
note: The information presented in this article is for informational purposes only and should not be construed as legal advice. Although we have made every effort to ensure the accuracy of the content, we assume no responsibility for any inaccuracies, omissions or legal changes that may occur after publication. If you are facing a specific situation or have questions about any of the matters covered, we strongly recommend consulting a lawyer or legal specialist for advice tailored to your situation.
