Ensuring that marital property and financial resources are distributed equally between the spouses is an important step in dividing assets during a divorce. So, the divorcing couple must be aware of their rights and responsibilities since the laws governing this division can differ greatly amongst jurisdictions. So, below we’ll understand the main process of asset division during divorce and also how an armenian divorce lawyer can help in the process.
Material and separate properties
Typically there are two types of properties that the divorcing couple faces during property splitting. First, it’s marital property, which is the type of property that the couple gains during their marriage period. This can be real estate, cars, bank accounts, and retirement benefits that are subject to division during the divorce proceedings. The second one is the separate property that belongs to one spouse and that they gained before marriage or received as gifts or inheritances specifically designated for one spouse. After divorce, these items stay with the initial owner and are not a subject of division.
Dividing assets during divorce in Armenia: The overall Armenia divorce laws
In Armenia, if there is a disagreement over property division, child custody, or support obligations, the divorce can be started through court proceedings or a coordinated decision made by both spouses. Usually, the procedure entails either a joint application or a court involvement. The joint application includes submitting a joint application for divorce at the state office that is in charge of civil status registration by both of the partners who want to get divorced. If during this process they face some difficulties and disagreements, then they are open to involving the court, which will decide with the case proceedings.
The asset division process
In Armenia, as well as in many other countries the asset division is separated into a few sequences of steps. First, it’s the asset inventory during which both of the parties have to compile a detailed list of all marital and separate assets that they own. Then it comes to the valuation process of the listed assets. This is to determine their worth so, all of those should be valued appropriately. In some cases, typically when it concerns real estate or business, the valuation process can require professional appraisal involvement.
The next stage is negotiations, where the divorcing spouses can have an internal discussion on how to split their common properties. If in this stage they don’t have a common agreement, they involve the court to decide it for them taking into account the equitable division principles. However, if the spouse does get a common agreement, then they have to submit it to the court so the latter makes sure it meets legal standards and is fair.
Special considerations
According to Armenian law, spousal support, or alimony, may be awarded to one spouse based on a number of criteria, such as the other spouse’s contributions and financial need. Since courts give priority to the welfare of children when making decisions, issues pertaining to child support and custody are also important to the divorce process and may have an impact on asset division. For a better understanding of the law and navigating through it the divorcing couple can get professional help by contacting an armenian divorce attorney.
The typical timelines for resolving property disputes
The length of time it takes to settle property disputes during a divorce in Armenia varies mostly depending on a number of variables, such as the case’s complexity, the parties’ willingness to compromise, and whether the divorce is contested or not. Starting from the divorce filing comes in two forms, the joint application where both of the partners accept the divorce terms, and the contested divorce, where one spouse may file a claim in court if there are disagreements about how to divide up property or other matters. Before resolving the matter, the court will make an effort to promote justice and balance.
Conclusion
Property division is one of the common cases that divorcing spouses face and that’s why they often seek professional help to do it appropriately and legally. It’s a multifaceted process during which the attorneys in the field make sure the spouses fully understand the frameworks related to it, the asset types, and the potential negotiation dynamics the process can include. Regardless if the divorcing couple has children or not, the marital assets are divided equally, during which the separate property stays with the original owner.
With the help of divorce attorneys in Armenia, spouses can have better legal representation and go through the divorce with a better understanding of the whole process. This includes having easier negotiations between the divorcing parties and meeting all the legal requirements during the entire property division. So, with the right involvement and help, spouses can facilitate the divorce and help each other handle it with fewer complications since the divorce itself holds heavy emotional decisions.
