Division of common property of husband and wife during the marriage period
In principle, when the marriage still exists, common property still exists. This property regime only ends when the marriage relationship ends. However, in fact, many couples want to share common property during the marriage period because husband and wife have conflicts in financial management or they havemany other reasons. Therefore, during the marriage period, a husband or wife has the right to agree to divide the common property of husband and wife. Principles of division of common property of husband and wife are as follows:
• Wife and husband agree to divide part or all of the common property by themselves;
• Husband and wife request the Court to resolve.
Form of agreement: The agreement to divide common property of husband and wife during the marriage is compulsory in writing and being notarized at the request of husband and wife or according to the provisions of law.
Effective period of common property division during the marriage period:
According to Article 39 of the 2014 Law on Marriage and Family, the division of common property in the marriage period is determined on a case-by-case basis as follows:
- In case husband and wife have an agreement, the effective time of division of common property is agreed upon by their agreement and recorded in writing; If the document does not specify the effective time, the effective time shall be counted from the date of making the document;
- Property is divided, however, transactions related to these property must comply with a certain form, the division of common property of husband and wife takes effect from the time the compliance agreement is reached the form prescribed by law;
- In case the Court divides common property of husband and wife, the division of common property will take effect from the date the Court’s judgments takes effect.
Property rights and obligations between husband, wife and a third party arising before the effective date of common property division remain legally valid, unless otherwise agreed by the parties.
Consequences of common property division during marriage
After the common property is divided between husband and wife during the marriage period, the divided property, the yields and profits arising from the separate property of each party after the expenditure of the common property is the private property of the spouse. Unless otherwise agreed by husband or wife. The undivided property portion remains the common property of husband and wife.
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