Section of property upon divorce in Cyprus
Divorce is an extremely complicated bureaucratic procedure that can take an extremely long period of time. And one of the key factors that has a direct impact on the duration of this procedure is the division of jointly acquired property. Important! Cyprus legislation in this regard applies only to those citizens who have lived on the territory of this country for at least 3 months (at the same time, the citizenship of the parties to the divorce process does not matter).
The division of property means the requirement of one of the parties to return the assets that were invested in the increase in the assets of the other party. The regulation of this procedure is the responsibility of the Law on Spouses’ Property Relations (232/1991). 13 The article of this law clearly indicates that persons in marital relations do not lose property independence. This means that each spouse retains the right to own property over his property, despite entering into marriage.
As a rule, when increasing the assets of one of the partners due to the contribution of another, the depositor (the spouse who invested his property) has the right to demand the return of part of the increased assets. In this case, the law assumes that the size of this investment is at least one-third of the aggregate size of the increase (but in this case it is also possible to prove its excess of this indicator, or vice versa, an understatement).
Important! Under the contribution refers not only to the investment of funds. The contribution also reads:
- Household care.
- Raising and caring for children.
- Caring for a working husband / wife and providing moral support.
What property is not considered by the court as a contribution to the increase in assets of spouses?
- Property received through donations from third parties or organizations.
- Property inherited.
- Donated property.
If at the time of the dissolution of the marriage, the spouses have any debts, each party is responsible for them (the husband is obliged to pay only his debts, the wife – only his own). Exceptions are only special cases.
In order to avoid an unfair court decision, during the divorce proceedings, each side requires the qualified assistance of an experienced lawyer. Our lawyers are professionals with many years of experience and a large number of court cases won. With our help, you protect yourself from the odd division of property, and protect your assets from unlawful encroachment on the part of your marriage partner.
For additional advice, contact our specialists on the contacts listed on the site.