Property Division 25/08/2022
Firstly, we need to know that Vietnamese law prescribes how common debt is.
It should be clarified that the debt that the Court settles in the divorce case is a debt with the following characteristics:
The debt arises during the marriage of the couple;
Debts borrowed by a spouse or both from a third party.
To determine whether a debt is a separate debt that is liable for the spouses or a joint debt that requires the spouses to be jointly liable after the divorce, Clause 2, Article 37 of the Law on Marriage and Family 2014 has defined common property obligations of husband and wife as the following:
Obligations arising from transactions established by husband and wife together, obligation to compensate for damage for which husband and wife are jointly liable according to the law
Obligations performed by a spouse in order to meet the essential needs of the family.
Obligations arising from the possession, use and disposition of common property
Obligations arising from the use of separate property to maintain or develop the common property or to generate the main source of income for the family;
Obligations to compensate for damage caused by their children, which, according to the Civil Code, parents must compensate;
Other obligations prescribed by the relevant law.
Thus, separate debts of spouses are debts that are not used to fulfill the above obligations, especially not to meet the essential needs of the family.
You can use the information we provide above to identify joint and separate debts from which to have a suitable solution to the debt problem after divorce.
For debts in the divorce case, you can apply the following ways to resolve:
The parties mutually agree on how to handle the debt after the parties have divorced. For example: After a divorce, each party is responsible for half of the debt, for a bank debt, each person pays a period of time. Or one party is responsible for paying the entire debt. The agreement needs to be made in writing and notarized at a notary office.
When the parties cannot agree on how to handle the debts, you can ask the Court to settle the same divorce case. The judgment of the Court is enforced by a specialized enforcement agency, so the problem of the parties paying the debt/ one party not being forced to pay the debt will be guaranteed.
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Apolo Lawyers - Solicitors & Litigators is very willing to help you settle the dispute relating to debt payment obligations after divorce. So if you need any help, contact us via email at firstname.lastname@example.org or Hotline: (+84) 903 419 479