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The end of a marriage can be a challenging process not only emotionally but also financially. With the divorce case, the sharing of assets acquired during the marriage comes to the agenda. This complex issue is called property regime liquidation.
In this blog post, we will examine in detail what property regime liquidation is, which assets are subject to liquidation and how the liquidation process takes place.
What is Property Regime?
Property regime is the legal regulation that determines the rules according to which the assets acquired by married couples during the marriage will be managed and shared. The legal property regime in Turkey is the acquired property participation regime. In this regime, all assets acquired during the marriage are considered “acquired properties” and the spouses have equal rights to these assets.
Which Assets Are Subject to Liquidation?
The assets subject to liquidation are acquired assets. Examples of these include:
Immovable properties acquired during marriage (house, land, shop, etc.)
Vehicles (car, motorcycle, etc.)
Bank deposit accounts
Investment instruments (stocks, bonds, gold, etc.)
Items acquired during marriage (furniture, white goods, electronic products, etc.)
Personal Assets Not Subject to Liquidation
Assets acquired before marriage, assets acquired through inheritance or donation are considered personal assets and are not subject to liquidation.
How is Property Regime Liquidation Performed?
Property regime liquidation is carried out differently in consensual or contested divorce cases.
Liquidation in Consensual Divorce
The spouses can agree on how their assets will be shared. This agreement must be made in writing and certified by a notary. In a consensual divorce, the court only checks the compliance with the agreement and includes the agreement in the divorce decision.
Liquidation in Contested Divorce
If the spouses cannot agree on the division of assets, the court performs the liquidation. The court may have an expert review for this process and will try to make a fair distribution by considering the assets and contributions of both spouses.
Things to Consider in Property Regime Liquidation
Property regime liquidation is a complex legal process and it is important to consult a lawyer on this matter.
All your assets must be documented during the liquidation process.
The spouses must be honest and transparent about the division of their assets.
In case of disagreement, the court will make an effort to find a fair solution.
It is important to consult a lawyer before filing for divorce or during the lawsuit process to learn about property regime liquidation and to protect your legal rights.
