Compensation for property in divorce

A couple of citizens who are in an officially registered marriage acquire anything under the right of common co-ownership.

This rule only does not apply to things intended for individual use (clothing, cosmetics, hygiene products, accessories, etc.).

That is, in case of divorce, the property acquired during the existence of the marriage is subject to division in equal shares between both spouses. However, what to do in a situation when the thing or property cannot be divided equally?

In this case, you can ask the court to award monetary compensation for a share in the relevant property. What is the relevance of the chosen topic?

Therefore, in this article, we will talk about the specifics of assigning compensation for property during a divorce.

What is monetary compensation when dividing property between spouses?

Monetary compensation during the division of jointly acquired property between spouses - this is an excellent way to resolve issues regarding the fair distribution of property between the parties during a divorce.

Because with its application, one of the spouses is paid money in the equivalent value of a certain asset or part of the property.

It is best suited for use when it is impossible to equally divide the property between persons (for example, in the division of a car, one citizen retains the right of ownership of the vehicle, and the other receives money for his share of ownership of this car).

What should be considered the main aspects of monetary compensation for property in divorce?

• Selection by individuals of assets or property that may be subject to monetary compensation;
• Carrying out a market assessment of the value of this property or assets to be divided between the spouses;
• Agreement on the amount of monetary compensation in oral format between persons;
• Conclusion of a written contract in which the parties provide for the conditions under which monetary compensation is paid, its amount upon division of jointly owned property;
• Payment of a sum of money.

Pay attention! If the parties cannot voluntarily agree on monetary compensation for this or that part of the property that is jointly owned, then in this case the court can independently determine its amount and assign it to one of the spouses.

In addition, before the marriage, the spouses can also prescribe the conditions under which monetary compensation is paid in the marriage contract.

What does the legislation on monetary compensation indicate?

From the analysis of the provisions of the Family Code, it can be seen that the awarding of monetary compensation to one of the spouses instead of his share in the right of joint co-ownership of property, in particular, a residential building, apartment, land plot, is allowed only with his consent, except for the cases provided for by the CCU.

The awarding of monetary compensation to one of the spouses is possible on the condition that the other spouse previously deposits the appropriate sum of money into the court's deposit account (Parts 4, and 5 of Article 71 of the Code of Civil Procedure).

Thus, to apply the provisions on monetary compensation in the division of property between citizens, there must be the consent of one of the spouses to carry out such a procedure and deposit the appropriate amount of funds into the bank account of the judicial authority.

If you have questions about compensation for property in a divorce between a married couple, then in this case be sure to contact the Prykhodko and Partners law office.

Our team understands all legal aspects of awarding monetary compensation and therefore will provide comprehensive answers to this issue. So don't delay and contact our company!