In married life, determining the common property of husband and wife is an important and necessary issue, directly affecting the rights and obligations of each party during the process of living and resolving disputes. Therefore, Vietnamese law has specific regulations on common property of husband and wife to protect the legitimate rights of the parties. Below are the legal regulations on common property of husband and wife that you need to know.

1. Concept of common property of spouses

According to Article 33 of the 2014 Law on Marriage and Family, common property of spouses includes property that spouses acquire during the marriage, except for property that is defined as separate property. This common property includes property created by both spouses during their cohabitation, as well as property that spouses acquire from other sources such as inheritance or gifts.

2. Types of common property of spouses

According to Article 33 of the 2014 Law on Marriage and Family, common property of spouses includes:

Property acquired during the marriage: These properties are the result of the contributions of both spouses in labor, work, business, or investment. For example: houses, vehicles, bank accounts, other assets of financial value.

Income from labor: Includes wages, salaries, and income from the husband and wife's business during their cohabitation. Inheritance or gift property, if there is a mutual agreement: If the inheritance or gift property is given to both husband and wife, it will become joint property. However, if the inheritance or gift property is intended for only one person, this property is the separate property of the recipient.

3. Separate property of spouses

In addition to common property, each spouse may also have separate property, which is determined in the following specific cases:

Property before marriage: Property that the spouses had before marriage (such as houses, land, vehicles, savings).

Inherited or gifted property: If the inherited or gifted property is only for one person, it will be the separate property of that person.

Property agreed upon by the spouses: In case there is a clear agreement between the husband and wife on determining separate property, that property will not be part of the common property.

4. Rights and obligations of spouses regarding common property

Spouses have the right to manage, use, and dispose of their common property. However, these rights must be exercised on the basis of the consensus of both parties. In case of dispute, the court will base on factors such as the contribution of each party, the level of contribution to the creation of the property to divide the common property.

It should also be noted that, in some cases, one spouse cannot transfer, sell, or donate the common property without the consent of the other. This is to protect the legitimate rights of both parties in the use and division of property.

5. Division of common property upon divorce

When a couple divorces, the division of common property is one of the important and complicated issues. The Law on Marriage and Family stipulates that the common property of the couple will be divided in half, but it can be based on the agreement of both parties or the decision of the court. The division of property must ensure fairness and reasonableness, taking into account the contribution of effort, living needs of the spouses and other factors.

Above is some information on the issue of common property of husband and wife according to the provisions of Vietnamese law. The article is for reference only, for detailed advice, please contact: info@barrso.com