Division of Property
Division of property is the right to claim a share of the assets the spouses accumulated during the marriage, in proportion to each spouse's contribution.
Even the spouse at fault for the divorce may claim division of property.
Assets Subject to Division
Marital property is, in principle, property the spouses accumulated together through their joint efforts during the marriage. It includes real estate, cash, insurance, and the like; any debts are deducted from the marital property.
Marital property is subject to division even if it is held in one spouse's name or held in trust under a third party's name, as long as it was in fact acquired through the couple's joint efforts,
regardless of who holds title or manages it.
One spouse's separate property is, in principle, not subject to division. However, it becomes subject to division where the other spouse is found to have made a meaningful contribution to maintaining or increasing it.
In practice, where the marriage has lasted many years, the courts include most separate property among the assets to be divided.
Retirement benefits and pensions are subject to division not only where they have already been received, but also where they will be received in the future.
Time Limit for Filing a Property Division Claim
The right to claim division of property is extinguished two years after the date of divorce. If you completed the divorce report without any agreement on property division,
you may file a property division claim within two years of the divorce. Upon the dissolution of a de facto (common-law) marriage, you may likewise claim division of property, separately from any claim for damages (consolation money) for the wrongful termination of the relationship.
Judgments in Property Division Cases
In a property division judgment, the court may order the payment of money, the delivery of property, the transfer of registered title, or other performance. Division by cash payment is ordered most often.
As shown below, the court first deducts liabilities from assets to determine the net value, then applies each spouse's contribution to the formation of the property,
and finally fixes and pronounces the amount to be divided.