Separating can be complex, especially if there is also a business involved and shares need to be divided and their value determined. It is not uncommon for spouses who are divorcing or dissolving their registered partnership to disagree on, for example, the reference date for the valuation of the shares. Given that it often takes a long time for ex-partners to proceed with the division and that the value of shares can fluctuate, this is not surprising. But how should this be dealt with?

Recent ruling

On 22 May 2025 (ECLI:NL:GHSHE:2025:1435) , the Court of Appeal in 's-Hertogenbosch ruled on this subject.

In this ruling, the registered partnership between the parties had already been dissolved years ago. They had not entered into any partnership conditions. This means that there was a general community of property between them. The same applies if the parties had entered into a marriage.

The parties held shares in private limited companies. Since there was a general community of property between them, it does not matter in whose name the shares are registered. In the event of divorce or dissolution of the registered partnership, both partners are entitled to half of the value. The value of these shares had increased since the dissolution of the registered partnership. The woman had sold the shares after several years. The parties were in dispute as to the date on which the value of the shares should be determined.

Spouses can jointly agree on a reference date for the valuation. In this case, the parties were unable to reach agreement on this. Normally, the community is dissolved on the date on which one of the spouses files a petition for divorce or dissolution of the registered partnership with the court. This date then determines the composition of the community, but not necessarily the value at which a particular asset should be included in the division.

In this case, the woman wished to take over the shares and pay half of their value to the man, provided she was financially able to do so. This was discussed in earlier proceedings. According to the man, it was not certain that the shares would be allocated to the woman. She had always taken varying positions on this issue.

Judgment of the Court of Appeal

The Court of Appeal concluded that the District Court (in earlier proceedings) had reserved its decision on who would acquire the shares. The continuing dispute between the parties about the value prevented the actual delivery and transfer of the shares.

The Court of Appeal found that the man had never been involved in the companies in any way. Nor had he been involved with the legal predecessor of the companies. It was and is the woman who has always run the companies, both before and after the dissolution of the registered partnership. She determined the policy of the companies and made the necessary efforts to achieve this. Increases and decreases in the value of the shares are attributable to her. From the date of submission of the request for dissolution of the registered partnership, these changes in value should therefore be borne by the woman. This means that the court of appeal assumes the date on which the request for dissolution of the registered partnership was submitted to the court. The man should no longer benefit from the increases in value, but he is also not responsible for the decreases in value.

Conclusion

As the above ruling shows, the outcome of proceedings concerning the distribution of shares, their value and the reference date depends to a large extent on the circumstances of the case. Reasonableness and fairness must also be taken into account.

If you or your partner intend to enter into a marriage or registered partnership and one of you has a business, it is wise to seek legal advice from a solicitor specialising in family law for entrepreneurs about which matrimonial property regime best suits your situation and to have your wishes properly recorded in a prenuptial agreement.

If you or your partner intend to end the relationship, it is also wise to consult a solicitor specialising in family law for entrepreneurs to review your financial and legal situation.

At SPEE Solicitors & Mediation, our solicitors and mediators have many years of experience in family law and, specifically, in family law for entrepreneurs. Please feel free to contact us for expert advice! Contact page SPEE advocaten & mediation.