When a married couple is filing for divorce in Cyprus, they often go through the process of dividing up their assets, usually through a separation agreement. Division of assets is one of the main concerns when it comes to marriage separation. Those assets may include, property division, cars and even common debts the couple has for any assets.
A spouse who has contributed in any way towards the increase of the “assets” of the other spouse is entitled to a part of the increase which resulted from their contribution.
“Assets” refers to the “movable or immovable property” that was acquired by any of the spouses “in anticipation of the marriage” or during the course of marriage. The court can also take into account assets that are located abroad.
Under Cyprus law, there is a presumption of 1/3 of the increase of the assets, which one spouse was contributed to by the other spouse, unless otherwise proven.
A claim on the other spouse’s assets is no longer valid TWO years after the divorce has been fully settled by the family court.
Frequently Asked Questions
When a married couple is filing for divorce in Cyprus, they often go through the process of dividing up their assets. Division of assets is one of the main concerns when it comes to marriage separation. Those assets may include, property division, cars and even common debts the couple has for any assets.
The family law in Cyprus requires from the couple whether they are of Cypriot or foreign nationality to create a property settlement agreement in order to divide the rights of each asset.
Although the procedure is commonly known in divorce property settlements, separation agreement and property settlement also applies for couples who wish to stay married however divide their rights legally.
In the event of marriage separation and divorce, the Court will have to deal with the division of properties by drafting a divorce settlement agreement. Distribution of property, via the divorce property settlement, includes immovable and movable property obtained prior to marriage or acquired during the course of marriage. If a spouse has contributed towards the increase of the property of the other spouse, then the former may be entitled to the return of the share of the proportional increase. Contribution can refer not only to monetary contribution but also to the care of the matrimonial house, to raising the children and morally supporting their spouse.
No, you do not need a separate lawyer for separation agreement and property settlement. The lawyer who is filing for your divorce is responsible to follow up all legal work required in this process.