Financial Rights & Obligations of Married Couples
Couples should be aware of their rights and obligations when it comes to finances, as a change in circumstances for one partner may have serious consequences for the other.
The law sees no difference between couples married in a civil or religious ceremony.
Married couples share a mutual obligation to support each other financially and share the mutual right of inheritance.
One partner in a marriage may not dispose of residential property or property used for business purposes without the other partner's approval.
Married couples are not mutually responsible for each other's liabilities unless written approval demonstrates otherwise. Exceptions are tax liabilities, debts associated with the household, financial support of children and residential rent.
The general rule in divorce is the equal division of assets, wherein all assets are equally divided between the parties after any liabilities are deducted.
The principle of the equal division of assets is applied in divorce cases, where the assets are divided equally between the parties, after the deduction of liabilities.
Married couples can create a prenuptial agreement that establishes certain separate property outside of the marital property. Separate property is not subject to division during divorce. Such agreements must be registered with the district commissioner to take effect. Couples are advised to seek legal counsel when drawing up such agreements.