Power of court to order division of matrimonial assets
106.—(1)  The court shall have power, when granting or subsequent to the grant of a decree of divorce, judicial separation or nullity of marriage, to order the division between the parties of any assets acquired by them during the marriage by their joint efforts or the sale of any such assets and the division between the parties of the proceeds of sale.
(2)  In exercising the power conferred by subsection (1) the court shall have regard to —
(a)the extent of the contributions made by each party in money, property or work towards the acquiring of the assets;
(b)any debts owing by either party which were contracted for their joint benefit; and
(c)the needs of the minor children (if any) of the marriage,
and, subject to those considerations, the court shall incline towards equality of division.
(3)  The court shall have power, when granting a decree of divorce, judicial separation or nullity of marriage, to order the division between the parties of any assets acquired during the marriage by the sole effort of one party to the marriage or the sale of any such assets and the division between the parties of the proceeds of sale.
(4)  In exercising the power conferred by subsection (3) the court shall have regard to —
(a)the extent of the contribution made by the other party who did not acquire the assets to the welfare of the family by looking after the home or by caring for the family; and
(b)the needs of the minor children, if any, of the marriage,
and, subject to those considerations, the court may divide the assets or the proceeds of sale in such proportions as the court thinks reasonable, but in any case the party by whose effort the assets were acquired shall receive a greater proportion.
(5)  For the purposes of this section, references to assets acquired during a marriage include assets owned before the marriage by one party which have been substantially improved during the marriage by the other party or by their joint efforts.
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