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Divorce, in most cases, usually results in a personal dispute between two people who had previously formalized marriage, which ends in a legal economic-matrimonial conflict. Next, we are going to resolve your doubts by clarifying what the regulations that regulate the different types of divorces specified in our Civil Code specify. Let's get to it!
Who would the economic assets be for in the event of divorce under the Separate Property regime?
In the separation of property regime, each spouse in the marriage maintains their personal property independently, even if several assets have been obtained jointly during the time the marriage lasted.
The cost of a divorce for separation of property, a priori, should always be lower or, at least, much easier to resolve, at least in everything related to the economic issue.
It will be very different to resolve what happens with the parental authority of the children. It will be the Judicial Body based on what is specified in the regulations in the Civil Code, in the case of the Autonomous Communities with their own Civil Law, who keeps the custody of the minors.
Distribution of assets under the community property regime
On the other hand, in the community property regime, from the moment the legal union of two people is formalized through the wedding, the assets generated by either of the two spouses become common. It is indifferent who has worked more, contributed more or other always interpretable appreciations. In this regime, the distribution of assets must be equitable, 50% between both parties.
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This is how the assets should be divided between each of the spouses
In case you need to are immersed in a divorce process and need to know how your assets are going to be distributed you must review under what regime you were married at the time. Next, dissolve the economic regime to, next, proceed to its liquidation or distribution of assets. In Spain, separation of property is not the most common regime, the most common is community property.
Investment funds
In the case of community property, half of the value of the stock portfolio must be distributed to one of the two spouses, and the other half, just the remaining 50%, to the other spouse.
The financial institution, asset manager or insurer that manages your assets must make two equal parts, joining balances or participations, to then distribute the assets to both parties. In this case, since there is formally no sale, the payment of any tax cannot be required, unless both parties decide to reimburse the assets in possession before the distribution due to the divorce.
Works of art and jewelry
In the distribution of works of art, jewelry of different value, stamp collections or other collectibles, the best option is to opt for a Valuation and Appraisal Company, specialized in assets, to correctly value these assets.
The specialized appraiser will grant the real value to these assets and, in addition, may make an objective distribution proposal for both parties.
Appraisal of jewelry and works of art
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Pension plans
Although the legislation on pension plans is very clear, it is in this section where more conflicts and dislikes arise. A
Real estate properties
When the deeds of the houses are formalized, which certify the ownership of the property, it must be reflected if one of the parties to the marriage has contributed a larger economic amount, or if that money comes from an inheritance received or has been received by a donation. All these factors condition the proportional distribution of the home.
See more--> How to carry out the distribution of an inheritance?
Distribution of the companies of the marriage
A special case would be the companies of the marriage, when they are not listed in any market and, therefore, it is difficult to estimate a valuation. In this particular case, it should be the figure of an approved Valuation Company in the valuation of companies, instead of the housing appraiser, who could grant the fair and real value of the company or companies of the spouses.
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Credit cards
Regarding credit and debit cards, all cards linked to joint bank accounts must be canceled to avoid surprise expenses by the other party to the marriage. At the same time, it is also necessary to review the direct debit of payments, and make the necessary adjustments and corrections.
Regarding joint bank accounts, and in general any shared financial document, it is essential to update all legal documentation to reflect which people are authorized to access each of the accounts.
Taxation and taxes
From the fiscal point of view, always thinking about paying the least amount of taxes possible, but also strictly complying with the current legality, the tax rate will be lower if the termination of co-ownership is carried out.
This legal figure of the Spanish Civil Code allows an owner to take full ownership of an indivisible asset, such as a home. And at the fiscal level, that is why it is so interesting,
On the other hand, if it is decided to go to a notary and the signing of a new deed of sale of the marital home is formalized, to facilitate the transfer of the part of the apartment that corresponds to the other spouse within the distribution of assets, in the end more taxes will be paid.
How should we notify them in the income tax return?
And regarding the income tax return after the divorce, it must be taken into account that throughout the calendar year, regardless of the month in which your divorce was formalized, the marital status is maintained throughout the fiscal year of the corresponding year. In particular, the custody of the children, one of the main deductions to which you can avail yourselves, is maintained as if you were still married.
Some of you ask us about the possible tax advantages of divorce. Tax-wise, at least for the moment, no Administration includes any.
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