The process of breaking up can be characterized by many emotions and give an experience of an unclear future. There may be feelings towards the partner with whom you are breaking up, close family, friends and children. It is therefore not surprising that planning the economy comes a bit second or third.
Here we will give you some tips on what you must have an overview of.
If no separate agreements have been entered into between the spouses regarding the property arrangement, the main rule is that spouses have joint ownership (external link: familierettsadvokater.no). Co-ownership occurs automatically when the parties marry. In the absence of agreements, all the assets both owners will enter into joint ownership.
Most often, the motive for agreeing on separate property will be to avoid equal division in the event of a divorce. An agreement on separate property must be entered into in the form of a prenuptial agreement, and can include either all assets or only parts of a spouse's assets. Separate ownership means that assets are not subject to equal division, and, as mentioned at the outset, will only have significance in the event of the termination of the marriage through divorce or death.
If you are cohabiting and have not entered into a cohabitation agreement, then the starting point is that the values in the event of a breakup are to be divided based on which of the parties has acquired what. Items that the cohabitants have acquired together will be considered to be owned by both parties, either with 50% each, or with another fraction based on the individual cohabitant's contribution to the acquisition.
It is important to get an overview of this before or during a break-up.
If you have a complicated economy with many assets and complex debts, it is a good idea to seek help in the process so that there is a fair distribution.
Unfortunately, we experience many customers who have gone through a break-up where the process was done quickly to shorten a difficult time. Then there are often poor solutions that have been chosen for one of the parties, and which make it difficult to have a tidy economy afterwards.
Our advice is therefore to seek help before or as the process starts, so that someone who is emotionally on the outside can contribute to good and fair solutions for both parties.
It is also important not to use short-term financial solutions (such as consumer loans or credit cards), without having a clear and feasible plan for how these solutions are to be met.
Are you facing financial challenges now and need help to get back on track? Get in touch with one of us at Kraft Bank , maybe we can help!
This article is part of the category Economic first aid , a collection of articles that deal with topics related to a strained economic situation, such as reminders and collection, payment notices, garnishments and forced sales. Read more about Financial first aid
