Divorce marks an emotional and often complex stage in life. A central aspect of this process is also the division of assets, especially when it comes to the division of property and assets. It is essential to understand that all assets acquired during the marriage must be divided between the parties in a divorce.
This step can take place in amicable divorce proceedings in which both parties agree to a settlement. If no agreement is reached, the court is responsible for settling the division of assets. You can find out exactly how this process works and what to look out for here.
If no agreement is reached, it is first necessary to settle the divorce itself. Only after the divorce is final can (disputed) property division proceedings be initiated.
Which assets are subject to division?
In the event of a divorce in Austria, joint assets generally include all property acquired by the spouses during the marriage. This includes not only material assets, but also joint savings and any debts from the marriage. The specific assets covered include, for example
- Marital home
- Bank accounts, credit balances and debts
- Shares, securities
- Cars or other vehicles
- Collector's items or works of art
Not all assets are covered by the post-marital property division rules. In addition to the personal belongings of the individual spouses, these include, for example
- Gifts or inheritances that were given to one spouse before or during the marriage and were not transferred to the other spouse.
- Assets acquired before the marriage.
- Assets acquired after the separation.
Who gets the matrimonial home in the event of a divorce in Austria?
If there is no agreement between the spouses, the decision on the division of assets lies with the court, which acts in accordance with principles of fairness. Key factors for the court's decision are the financial resources of the spouses and the situation of the joint children. One option is to sell the matrimonial home and divide the proceeds between the spouses. If one spouse wishes to keep the home, there is the option of paying out the other spouse. In such cases, an expert opinion is often drawn up to determine the market value.
Pets are also covered by the rules on property division. If no agreement can be reached regarding the pets, the court can clarify this issue as part of the divorce proceedings. Aspects such as the stronger emotional bond as well as the care and custody options are taken into account.
A cost-intensive dispute over the division of marital assets can be avoided with a prenuptial agreement or an advance agreement. Such an agreement is particularly recommended if one party finances considerably more than the other or purchases from pre-marital assets.
We are happy to provide you with comprehensive advice in advance of a prenuptial agreement and draw it up individually according to your personal needs in order to define the financial and legal framework of your marriage clearly and transparently in advance. Contact us for professional advice to ensure that your prenuptial agreement meets your individual requirements.
