I am in the process of getting divorced. How will our assets be divided?
The liquidation of your matrimonial regime necessarily accompanies the dissolution of your marriage. This procedure aims to distribute the assets, debts, and claims accumulated during your union fairly, distinguishing between your separate property (acquired before the marriage or received by inheritance) and your joint property (acquired during the union).
If you are married under the legal regime of community property (as 70% of French couples are), all property acquired during the marriage will be presumed to be joint property and must be divided equally.
The terms and conditions depending on the type of divorce:
Divorce by mutual consent outside of court: once an agreement has been reached, the liquidation must be completed in full before your divorce agreement is signed.
Please note that the liquidation statement must be drawn up before a notary when it includes real estate.
Divorce by mutual consent in court: You must submit a single agreement to the judge, which must include a statement of liquidation of your matrimonial regime, subject to the judge’s approval.
Contested divorce: You may enter into an early settlement agreement during the proceedings. If no agreement is reached, the judge may appoint a notary to draw up a draft settlement or rule directly on your requests for division of property.
Inventory and valuation of joint assets:
You must list and estimate all your joint assets: movable and immovable property, bank accounts, financial investments, as well as your joint and personal debts.
For the valuation of real estate, the involvement of an independent real estate expert is recommended.
In addition, the calculation of compensation allows you to rebalance the financial flows between your own assets and the joint assets (e.g., if you have used your own funds to improve a joint asset, or vice versa, financial compensation will have to be calculated).
The terms of the division:
There are three main methods of division:
● Sharing in kind: physical distribution of assets between you
● Auction: sale of the assets and sharing of the proceeds
● Preferential allocation: allocation of certain assets to one of you in exchange for the payment of a sum of money, known as a cash adjustment, to the other.
In the event of persistent disagreement, the division becomes a legal matter. The judge then composes lots and proceeds to draw them by lot, or orders the auction of assets that are difficult to divide.
Gaëtan ESCUDEY, a family law attorney, will assist and advise you in the liquidation of your matrimonial regime.