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,(1) 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(2) 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.
For further information on this topic please contact Christos Kastanias, Evripidis Michaelides or Ioanna Martidi at A G Paphitis & Co by telephone (+357 25 73 10 00) or by email ([email protected], [email protected] or [email protected]). The A G Paphitis & Co website can be accessed at www.agplaw.com.
Endnotes
(1) For further information about divorce proceedings in Cyprus, see "Divorce proceedings in Cyprus".