It is often said that buying a house is the biggest financial decision, with a close second place being married in community of property. Getting married is often thought about romantically. However, it is wise to look at it without rose-colored glasses. One in three marriages ends in divorce. Everyone who gets married expects their marriage to be forever and does not think about the consequences of divorce. While the consequences can be very serious.
Breaking up the marriage means dividing assets and debts
After a marriage has been concluded in community of property, the separate assets merge into one common property. For example, after the marriage, a house owned by one of the partners does not belong to the partner who did not buy the house, but in the event of a divorce, that partner is entitled to half of the surplus value. This will make no difference if the marriage remains intact, but in the event of a divorce the assets will have to be divided.
Division in a divorce
When a marriage in community of property ends, the ex-partners must divide the assets and debts. The basic principle is that each person receives half of the joint assets and of the joint assets. It is up to the former partners to make that division.
Obligations after breaking up the marriage
Even after the divorces, the ex-partners may still be condemned to each other. If children have resulted from the marriage, the parents have an obligation to care for the children together. Both parents must also contribute financially. An ex-partner may also be obliged to provide financial support to the former partner. This will often be the case if one of the two earns much more than the other. They can determine this so-called spousal maintenance themselves or the judge will determine the amount in a ruling.
Divorce has major financial consequences
Everyone will have to go their own way after the divorce. A household must be split and two households must be created. However, there are more financial consequences. After the divorce, there is an obligation to continue to support the ex-partner financially for up to twelve years. This will place a heavy burden on both former partners. The recipient of spousal support will generally also be worse off financially compared to the financial situation before the marriage broke up.
Drafting prenuptial agreements
Instead of a marriage in community of property, you can also get married under a prenuptial agreement. In a notarial deed, you can make mutual agreements before concluding the marriage, for example about dividing the rights in the event of a divorce, and you can record separated assets in the deed. In this way, the private home of one of the two partners can remain outside the community. The future marriage partners can record important matters in a conversation with the notary. The advantage of this is also that the notary can provide good advice fully focused on your personal situation. my view on