Division of Property
A division of property means that the spouse’s or cohabitant’s property is divided. It may become relevant in the event of divorce, death, during an ongoing marriage or in the event of cohabitation separation. In a division of property, the value of the spouses matrimonial property is added together after debts have been deducted from each part. The sum is then divided into two parts. Individual property is not included in the division of property.
That is the simple explanation of how a property division works. In reality, there can be a big difference from case to case. First of all – do you agree? Then it’s easy and you can do the property division yourself. There is nothing that says property must be divided exactly equally between two spouses. For example, do you agree that your partner will be allowed to take over the home and you will be able to retain all ownership in your company plus your car, then of course that’s OK.
You then only need to write a property division agreement that you both sign. If you do the property division without divorcing, you must report it to the tax agency. In case of divorce, this step is optional. If you cannot agree on how the property should be divided between you, you can apply for a so-called property division executor via the district court.
It is often a lawyer or legal practitioner, but it does not have to be. If you can at least agree on who should be the executor, you can suggest a person – otherwise you can ask the district court to appoint one. In a situation where you do not agree, the district court can also decide which of you gets the right to stay in the home until the process is over. It requires that one of you requests the so-called right to residence.
Impartial valuation of companies in connection with property division are any of you partners in a company. Group helps you with a completely impartial valuation of shares in connection with property division. We never try to distort the numbers to get an unreasonably high or low valuation that favors one party. Contact us today if you want a business valuation that you can both trust. Let’s now look at how a property division can take place, step by step. Remember that, as said, there can be variations on this arrangement. If you agree, you can skip several of the steps.
