Divorce in Cyprus: Division of Assets
Divorce in Cyprus: Division of AssetsUpdated on Tuesday 21st March 2017
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Divorce procedures in Cyprus also take into consideration the division of assets, besides other aspects related to the alimony of the couple’s children. It is important to know that such aspects can be handled in a simpler manner, in the case in which the spouses signed a prenuptial agreement prior to starting the marriage procedures. Our team of lawyers in Cyprus can offer legal assistance on the procedure in which the division of assets must be handled in this country.
Division of assets in Cyprus
The division of assets is one of the main concerns of the spouses separating in Cyprus. In order to handle this procedure, the Cypriot legislation stipulates that the spouses must have lived in this country for at least three months prior to starting the divorce procedure. The regulation is applicable to both Cypriot citizens and foreign citizens, as the nationality does not represent a criterion in this situation.
The division of assets in Cyprus follows the regulations provided by the Law Regulating Property Relations of Spouses (Law 232/1991).
According to this legislation, the property of each partner is preserved even after the couple is married. When the couple files for divorce, it is important to know that one may claim ownership rights on a designated property belonging to the other party only in the situation in which, during the marriage, the claiming party had a direct influence on the respective asset and contributed to increase its value.
An important aspect is that the law stipulates that the claimant may obtain a third of the value of the property, if the party can’t prove the relevant contribution and our team of Cypriot lawyers may offer more details in this sense.
Filing for the division of assets in Cyprus
In the situation in which one of the parties has contributed to the increase of the matrimonial assets, he or she can file for a matrimonial property petition in front of a Cypriot court.
Cypriot legislation stipulates that the value may be increased not only through monetary nature. For example, the claimant may increase the value of the couple’s property by:
• taking care of the couple’s children;
• providing moral support for the other partner;
• taking care of the household.
Persons who want to start the divorce procedures in this country are invited to contact our law firm in Cyprus. Our attorneys in Cyprus can provide legal assistance on this matter and legal representation in front of the local authorities.