International families constitute a significant outcome of increased mobility and globalisation. Spouses may come from different countries or in some cases they may have more than one citizenship. In addition to this, the couple may have relocated to another country and have assets in more than one country. As a consequence, when the couple wishes to divorce they may choose the country where their divorce proceedings will be held. Since each country has its own rules and regulations, the division of assets is an important parameter that should be considered while deciding where to file a divorce petition.
Matrimonial property is defined as the property acquired by both parties’ joint contribution. Hence, anything obtained by one spouse before marriage cannot be considered as matrimonial property. The choice of jurisdiction is important, as in many cases the law can be in favour of one of the two spouses. Note that the decisions of Cyprus Courts are enforceable and shall be respected everywhere. Division of assets can be complex and time-consuming and create additional costs. Therefore, the assistance of a professional lawyer is required. The legal team of Michael Chambers & Co. LLC is able to assist you efficiently and effectively.
Division of Assets in Cyprus:
Division of Assets in Cyprus is regulated by the Law Regulating Property Relations of Spouses (Law 232/1991). Section 13 of the Law clarifies that marriage does not influence the proprietary independence of each spouse. That is to say, each partner maintains and obtains his or her own property even after the marriage.
The provisions of the Law underline that in the case that the property of one spouse has been increased during the marriage and the other spouse has his or her own contribution; then the other spouse may claim the part of the property that has been increased due to his or her contribution. Note that the contribution will be assumed to be 1/3 of the increase unless a larger or smaller contribution is proved. For more information about divorce and division of assets in Cyprus click here.
What can we do for you?
Division of assets is a highly sensitive and complicated matter in divorce proceedings. As it has been explained, in the case of cross-border divorces, it can be even more complicated. Therefore, the assistance of an experienced and professional divorce lawyer is essential at each stage. The divorce lawyers of Michael Chambers & Co. LLC are able to guide you on all the matters related to cross-border divorces and property disputes. If you wish to speak to one of our divorce lawyers, in absolute confidence, then please contact us: [email protected]