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The question of finances always arises after the separation of a couple. While it may be dealt with through straightforward negotiation, the partners can sometimes end up involved in long and complex court proceedings.
During a divorce process in Cyprus, the family courts are able to grant exclusive use of the home or matrimonial possessions. However, absolute settlements of matters concerning property disputes must be dealt with through separate applications.
In Cyprus, the Law Regulating Property Relations of Spouses, provides provisions on settlement after the breakdown of a marriage.
The main provisions of the law are as follows:
In the event of dissolution or annulment of a marriage, where the property of one spouse has increased during the marriage and the other spouse has contributed in any way to such increase, the contribution is presumed to be one-third of the increase, unless a larger or smaller contribution may be proved.
The financially stronger spouse may be ordered to provide maintenance for the other spouse, depending on the other spouse’s employment, if any, and age and medical needs, as well as on the needs of any children. The amount of maintenance will depend on the financial strength of the stronger spouse and the needs of the other spouse and their child or children, if any.
In either case, the aim of the process is to try to minimise conflict and settle any disputes in the fairest and most amicable way possible.
The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
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