Divorce ends the marriage, but it does not always end the financial relationship between spouses.

Following separation or divorce, an important matter may remain unresolved: organising and dividing the assets held jointly.

Properties, bank accounts, loans, vehicles, investments and debts may all form part of the financial matters that need to be addressed.

Division of the Community Property Estate

When a marriage is subject to the community property regime (sociedad de gananciales), it is necessary to determine which assets and debts belong to the community and then proceed with its liquidation and division.

The process may involve:

• Preparing an inventory.

• Identifying assets and rights.

• Identifying debts and liabilities.

• Valuing the assets.

• Allocating assets to each spouse.

• Calculating any credits and reimbursements between the respective estates, where applicable.

What If We Cannot Reach an Agreement?

When there is no agreement on which assets form part of the community property, which debts should be included or how the assets should be divided, court proceedings may be necessary.

Before taking this step, it is important to gather the available financial and property documentation.

A Property Purchased by Both Spouses

When a property is jointly owned by both spouses, divorce does not automatically mean that either spouse ceases to be an owner.

It may be necessary to consider how to bring the co-ownership to an end.

One possible option, where legally appropriate, is the termination of co-ownership, whereby the property is transferred to one co-owner in exchange for appropriate compensation to the other.

Separation of Property Regime

Being married under a separation of property regime does not mean that the spouses can never own assets jointly.

They may have purchased a property or other assets together and, following the breakdown of the relationship, need to decide what to do with them.

Do You Want to End Joint Ownership with Your Former Partner?

I can review your matrimonial property regime, the assets involved and the available documentation to assess the options open to you.

Laura Rincón · Family Lawyer in Madrid

In-person appointments in Madrid and online consultations.