10 Sharing of value of matrimonial property

10  Sharing of value of matrimonial property

(1)     In applying the principle set out in section 9(1)(a) of this Act, the net value of the matrimonial property [or partnership property] shall be taken to be shared fairly between [persons] when it is shared equally or in such other proportions as are justified by special circumstances.

(2)     [Subject to subsection (3A) below,] the net value of the . . . property shall be the value of the property at the relevant date after deduction of any debts incurred by [one or both of the parties to the marriage or as the case may be of the partners]—

(a)     before the marriage so far as they relate to the matrimonial property [or before the registration of the partnership so far as they relate to the partnership property], and

(b)     during the marriage [or partnership],

which are outstanding at that date.

(3)     In this section “the relevant date” means whichever is the earlier of—

(a)     subject to subsection (7) below, the date on which the [persons] ceased to cohabit;

(b)     the date of service of the summons in the action for divorce [or for dissolution of the civil partnership].

[(3A)     In its application to property

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