Who gets what: French Laws regarding divorce and property settlements

The demand for good property will never go down, and there is no dearth of people interested in investing money in real estate. The same can be seen in France, and people from all over the world are investing in the real estate market in the country. Some of these clients are couples who have jointly invested in the property.But nothing is constant, and the same can be said about human relations. Thousands of couples are ending their relationship legally with the stroke of a pen. It has a direct effect not only on their personal lives but also on their tangible property. The post-divorce property related laws differ from one country to another.

Property settlements in France

Many couples own property jointly in France. But when they get a divorce, concrete decisions must be taken to seal the fate of the property. Two things can be done with the property that has joint ownership. Either the property can be sold and the profits can be split equally between the two parting partners, or the one can denounce his/her claim on the property, and it can be directly transferred to the other partner.

Appointing the service of a Notaire

No matter what the parting couple decides to do with the property, they will have to appoint a Notaire who will assist in taking care of the legalities, which are associated with real estate. In France, the Notaire will have a monopoly for making the deals with the property.

Selling the property in France

If the two divorced people decide upon selling the property and splitting the sale money, the Notaire would be summoned, and it will be the responsibility of the Notaire to prepare a proper deed for proceeding with the sale process. The name of this deed is “acte de partage,” and it will contain the details of all properties which are to be sold. Once a deal has been finalized, and the sale has been made successfully, the money acquired will be equally divided between the parted couple. As per French rules, the government will receive 1% of the “actif net de partage” i.e. the selling price of the property.

When one party claims the property

The services of the Notaire will also be required if any one of the couple wants to acquire possession of the property, post-divorce. Again the drafting of the “acte de partage” will be done. But the person who is getting the property will have to pay a certain sum to the other spouse. The money signifies the investments done by the other spouse, during purchasing the property for the first time, when the two were still a couple. The French term for this money is “soulte.”

If both partners have played an equal part in purchasing a property via “clause tontine,” one spouse must express the interest of denouncing his/her share and transferring it to the other. Then they both will be able to revoke the clause. In this case, the registration of the “certificat de non recours” is a must. 

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This entry was posted on Friday, July 28th, 2017 at 10:54 am and is filed under French Property, Lifestyle, Living in France . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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