Dividing Properties And Assets In The Marriage Period In Viet Nam
According to Law on Marriage and Family 2014, Common property of husband and wife includes property created by a spouse, incomes generated from labor, production and business activities, yields and profits arising from separate property and other lawful incomes in the marriage period; property jointly inherited by or given to both, and other property agreed upon by husband and wife as common property.The land use rights obtained by a spouse after marriage shall be common property of husband and wife, unless they are separately inherited by, or given to a spouse or are obtained through transactions made with separate property.
However, the common properties and assets can be divided by the agreement of husband and wife in the marriage period. This agreement has to make in writing and be notarized. The effective time of a common property division shall be agreed by husband and wife and stated in the written agreement. If such time is not stated in the written agreement, it is the date of making the agreement.
If they fail to reach agreement, they may request a court to settle it, the division takes effect on the legally effective date of the court’s judgment or decision. In case common property is divided during the marriage period under an effective court judgment or decision, the agreement on the termination of the effect of the common property division shall be recognized by the court.
Property rights and obligations between husband and wife and a third party which arise before the effective time of common property division remain legally effective, unless otherwise agreed by involved parties. When the common property of husband and wife is divided, unless otherwise agreed by husband and wife, divided property and yields or profits arising from the separate property of each spouse after common property division are the separate property of each spouse. The undivided property portion remains the common property of husband and wife.
After common property is divided during the marriage period, the husband and wife have the right to agree to terminate the effect of such division. From the effective date of the agreement between husband and wife, the determination of common property and separate property of husband and wife must comply with the Law on Marriage and Family. Unless otherwise agreed by husband and wife, the property portion divided to the husband or wife remains his/her separate property.
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