Division of Property
Division of property may be necessary when a marriage is dissolved by divorce, during a permanent marriage or when a cohabitation relationship is dissolved. There may be many aspects to be taken into account in the division of property, such as a prenuptial agreement or a cohabitation agreement. A property division is concluded by the parties agreeing and drawing up a written property division agreement.
Division of property during marriage
Property division during marriage is possible if the spouses agree. The spouses jointly decide which assets should be included in the division of property and then divide the property. Property division during marriage clarifies who owns what and is used to transfer ownership to the other spouse.
Property division after divorce
In the event of divorce, the property must be divided, and the spouses must draw up a property settlement agreement in writing and signed by both of them. If there is no prenuptial agreement or provision for separate property, the starting point is that all property should be included in the division of property.
It is recommended that when the application for divorce is submitted to the district court, the division of property is also carried out. This is because it is easier for both parties to sort out the property relations close to the dissolution of the marriage than to try to sort out the property relations several years later.
The division of property records the debts and assets of both parties. The debts are then deducted from the assets and if the debts exceed the assets, the sum for that party will be zero, as spouses are never responsible for each other’s debts. If there are assets, these will be added together and divided in half. The parties then decide how to divide the property and whether any settlement payment should be made. Once the parties agree, the property division agreement is drawn up and signed by the parties. After that, neither party has any financial claim on the other.
The administrator of the property settlement
If the spouses cannot agree on how to divide the assets, an application can be filed with the district court. The court then appoints a suitable lawyer for the task. If one of the parties is not satisfied with the decision of the administrator, that party can bring an action before the district court.
Cohabitation division
When cohabiting couples separate, only the joint residence and household goods are divided if the property was acquired for joint use and one of the parties requests the division of property.
All other property is excluded. A request for division of property must be made no later than one year after the end of the cohabitation.
How to contact us
Our lawyers at Advantage Law Firm will help you with all questions regarding division of property and division agreements.
Call us on 08 – 20 21 40 or email your question to info@advantage.se and we will contact you.
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