What are the consequences of a divorce for joint assets?
November 18, 2022 | 35,00 EUR | answered by Johann König
Dear lawyer,
My name is Lukas Weinert and I am facing the difficult decision to divorce my wife. During our marriage, we have accumulated shared assets, including a house, a car, and various accounts. Now I am concerned about the potential consequences a divorce could have on our shared assets.
Currently, we are still living together, but our relationship is strained and an amicable separation seems unfortunately no longer possible. I fear that a bitter dispute could arise and therefore, I would like to be informed in advance about the potential consequences.
I am particularly interested in how the assets would be divided in the event of a divorce and whether I have a claim to certain assets. What about the house that we financed together? Can I hope for a fair settlement or am I at risk of losing my home?
I am very concerned about my financial future and want to ensure that I do not end up with nothing after the divorce. Are there ways to protect my assets or achieve a fair settlement? What steps should I take now to prepare myself for a possible divorce?
Thank you in advance for your help and support.
Sincerely,
Lukas Weinert
Dear Mr. Weinert,
Thank you for your message and your trust in my expertise as a divorce lawyer. I can understand your concerns and fears regarding the upcoming divorce and the associated financial consequences. Divorce is usually a very emotional and stressful situation, especially when it comes to dividing shared assets.
In Germany, the principle of marital property applies, unless otherwise agreed upon in a contract. This means that assets accumulated during the marriage are typically divided equally between the spouses, unless there are special circumstances. Assets acquired before the marriage usually remain the property of the respective spouse.
In the case of a jointly financed house, as in your situation, the marital property is usually calculated based on the increase in value since the marriage. It is important to note that only the increase in value since the marriage, not the entire value of the house, is taken into account. Various factors such as renovations, market value increases, or debts paid off during the marriage can play a role.
It is possible to achieve a fair settlement if you can prove that you have made a larger contribution to the increase in assets or if there are special circumstances that justify an unequal distribution. Therefore, it is advisable to gather all relevant documents and evidence to support your financial situation during the marriage.
To best prepare for a possible divorce, I recommend seeking legal advice early on and learning about your rights and obligations in the divorce process. It may also be wise to aim for an out-of-court agreement with your wife to avoid a lengthy and costly legal battle.
There are various ways to protect your assets, such as creating a prenuptial agreement or securing maintenance claims. I am available for a personal consultation to discuss your individual situation and provide specific recommendations.
I hope that this information has been helpful to you and I am available for any further questions.
Best regards,
Johann König, Attorney at Law
