Now it is time to distribute the assets so that each party receives property at the value you have calculated. Sometimes it can be difficult to get it to go smoothly. For example, it may be that your partner gets to take over the home. If the other assets fall below this value, your partner in the example must pay a so-called estate division liquidation or probate liquidation – the difference. As a rule, this difference is paid in money, but it happens that it is paid in property. Of course, you can also agree to ignore the property division liquidation if you want.
Write a property division agreement finally, you complete the property division by writing a property division agreement. This is very important because it is proof that you have done a property division. An agreement is important so that it is not possible to demand division of property again at a later date.
Therefore, save the agreement in a safe place. You may also need to show it in connection with taking out a home loan in the future. If the division of property involves a business and you are a co-owner, future investors and lenders may request to see the division of property agreement to make sure that there is no one else who will claim the company.
In case of divorce, it is good to do the property division as quickly as possible after you have submitted the application for divorce. Then you have a picture of assets and liabilities fresh in your mind and it will be easier to sort out what will fall on each lot. However, there is nothing in the law that says you have to do it right away. There are legal cases where the court accepted the application for property division ten years after the divorce.
But it goes without saying that such a process risks becoming more painful if you wait. This is included in a property division in divorce, conjugal property, divided equally. This is all property that is not an individual. It can be a house, holiday home, car, furniture, chattels and so on. Pension from own pension savings or pension insurance from own company. Pension (regardless of type) that has already been paid.
Personal property clothing, sports equipment, jewelry, memorabilia, and the like. The exception is if such things have a large value in relation to the spouses’ total finances. Individual property such as you specified in the prenuptial agreement or property that is conditioned by a deed of gift or will is not included in property division. Special property refers to things that have to do with personal rights.
This includes, for example, accident insurance, tort law and copyright. However, money that is paid out before the cut-off date is included in the property division. Occupational pension or pension insurance from employer. Property with free disposition not included in property division because you do not have full ownership of the property.