Principle of devision of proverty upon divorce
Upon a divorce the division of property shall be agreed upon by the concerned parties. if they fail to reach an agreement thereon, they may request the Court to settle it. Personal property of one party shall belong to such party.
It is distiputed in Article 27 Marriage and Family Law that common property of husband and wife includes property created by husband and wife, incomes generated from labor, production and business activities and other lawful incomes of husband and wife during the marriage period; property jointly inherited or given to both, and other property agreed upon by husband and wife as common property.
The division of common property is effected on the following principles:
+ The common property of husband and wife shall, in principle, be halved, with due consideration given to each party’s situation, the property status, each party’s contributions to the creation, preservation and development of this property. The housework done in the family by the husband and/or wife is regarded as income-generating labor;
+ The legitimate rights and interests of wife, minor children or adult children who are disabled, have lost their civil act capacity, have no working capacity and no property to support themselves, are protected;
+ The legitimate interests of each party in their production, business and career activities are protected to provide them with conditions to continue their income-generating labor.
+ The common property of husband and wife is divided in kind or according to its value; the party who receives his/her property portion in kind which has a value bigger than the portion he/she deserves, he/she must pay the value difference to the other party.
The settlement of joint property obligations of the husband and wife is agreed upon by themselves; if they fail to reach an agreement thereon, they may request the Court to settle it.