The legislation provides that property acquired by spouses during a marriage is their common joint property.The property acquired by the spouses during the marriage (the common property of the spouses) includes the income of each spouse from work, business and the results of intellectual activity, income from the common property of spouses and separate property of each of the spouses, their pensions, benefits, and other monetary payments that do not have special purpose (amounts of material assistance. The common property of the spouses is also the movable and immovable property acquired from the general incomes of the spouses, securities, shares, deposits, shares in capital contributed to credit institutions or other commercial organizations.

The Right Steps

At the same time, each of the spouses may own property that is not a common joint property.According to article 34 of the Law “On Marriage and the Family”, the property of each spouse is:

  • Property belonging to each of the spouses before marriage.
  • Property received by spouses during the marriage as a gift, by way of inheritance or other gratuitous transactions.
  • Things of individual use (clothes, shoes and others), except for jewelry and other luxuries, although acquired during the marriage at the expense of the common means of the spouses.

For the Spouses

As for the Separation Agreement of the common property of the spouses, it can be made both throughout the marriage and afterward its dissolution at the request of any of the spouses, and also in the case of the creditor’s application for a request to divide the common property of the spouses for recourse to the share of one spouse in general property of spouses. The owners can also offer the Power of Attorney Form to the others on it.

  • The common property of the spouses can be divided between the spouses by their agreement. At the request of the spouses, their agreement on sharing common property may be notarized.The importance of the Legal Forms is immense here.

In the event of a dispute, the division of the common property of the spouses, as well as the determination of the shares of the spouses in this property, shall be carried out in a judicial procedure.When dividing the common property of the spouses, the court, at the request of the spouses, determines which property is to be transferred to each of the spouses. In the event that one of the spouses receives property whose value exceeds the share due to it, another spouse may be awarded a corresponding monetary or other compensation. The total debts of spouses in the division of the common property of the spouses are distributed among them in proportion to the shares awarded to them.