family assets

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Property acquired by one or both parties to a marriage to be used for the benefit of the family as a whole. Typical examples are the matrimonial home, furniture, and car. There is no special body of law dealing with family assets as such, but the courts have wide discretion to make orders in relation to such assets upon dissolution of the marriage and have developed flexible guidelines to apply in the case of family assets. Thus, one spouse will often acquire a share in the home owned by the other, by reason of his or her contributions to the welfare of the family and its finances.

Subjects: Law.

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