Division of property on divorce
One of the consequences of a divorce is that the assets must be divided between the parties. Normally the major asset of the parties consists of a house or in some cases a few houses. Very often the house must be sold and the proceeds divided equally between the parties. In some divorces one spouse is awarded a greater share of the fixed property than the other spouse.
It is advisable when proceeding with the divorce to obtain two or three different valuations of the property so that it is easier for the attorneys to determine the value of the estate.
In a settlement agreement if a property is sold an agreement must be reached relating to who does the conveyancing. Normally it is one of the two divorce attorneys. Agreement must also be reached on which of the parties can continue residing on the property until it is sold. Sometimes a clause is inserted in the consent paper stating that if the property is not sold within a certain time period then it must be sold by public auction. Very often a clause is also inserted in a settlement agreement stating that if one of the parties does not co-operate with the signing of the relevant documentation then the sheriff of the court can sign on behalf of the party who does not sign.
Sometimes in a divorce one party pays the other party a sum of money, and the party who receives the money waives all claims he/she may have against the other party, both present and future, in relation to a possible claim for maintenance on the basis that the payment of the sum of money will be on the basis of a “clean break” between the husband and the wife.
written by Peter M Baker, a Cape Town divorce lawyer.
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