Is it compulsory to split 50/50 of my property in divorce proceedings? What do we need to know about the terms of the divorce property distribution that will be more favorable to us?
I. About Divorce Property Distribution.
- During the divorce process, if the two parties can reach an agreement on the distribution of assets, there is no need to go through the court. However, if they cannot agree on the distribution of their assets, they will need the help of a lawyer to handle the distribution of assets. The attorney will help you look at the property that you own together, such as the assets that you bought together, and the financial situation, including the assets that you own: cash, stocks, bank savings, insurance, and so on. In addition to calculating property, the court will also require a calculation of debts, including outstanding debts, income and weekday expenses.
II. Fair and Equitable Principle
Through the law, the court will look at the divorcee and the divorcee as having equal status when dealing with property distribution matters, in other words, the property can be divided 50/50 using the “Equal Distribution Principle”. When it is necessary to apply this principle, the following conditions must also be considered:
- The misconduct of one of the parties, such as excessive squandering or waste of property.
- Length of marriage and contributions.
- Source of distribution of property: whether it is inheritance or not.
- Compensation due to loss of pension or marital relationship, such as one party giving up work and future.
**If any of these considerations are included, there is a chance that the court will not follow the “Equal Distribution Principle” in dealing with the distribution of property.**
III. Factors Considered by the Court in the Property & Financial Division
In accordance with the Matrimonial Causes and Property Ordinance, the court will consider a variety of factors when handling property distribution actions:
- Quality of life of the two before divorce.
- Respective economic burdens and needs or in the future.
- Age and marriage age of the two.
- Their respective contributions to the family in the past, e.g. responsibilities.
- Benefits to be lost as a result of divorce, etc.
- Physical or mental impairment of either party.
- A comparison of their incomes, their future incomes and other sources of income.
All in all, the “Equal Distribution Principle” may not be applicable in all cases, and the court’s final distribution of property may not be on a 50/50 basis. In many cases, a review of the distribution of assets between the two parties will be required, and after reviewing the factors and conditions mentioned above, there is a chance that the party with the lesser assets will receive the assets of the party with the greater assets in a distribution of assets action.
Of course, it is in your best interest to consult with an experienced attorney or lawyer and receive the most reliable legal advice on how to proceed with the divorce.