—(1) The court shall have power, when granting or subsequent to the grant of a judgment of divorce, judicial separation or nullity of marriage, to order the division between the parties of any matrimonial asset or the sale of any such asset and the division between the parties of the proceeds of the sale of any such asset in such proportions as the court thinks just and equitable.
(2) It shall be the duty of the court in deciding whether to exercise its powers under subsection (1) and, if so, in what manner, to have regard to all the circumstances of the case, including the following matters:
the extent of the contributions made by each party in money, property or work towards acquiring, improving or maintaining the matrimonial assets;
any debt owing or obligation incurred or undertaken by either party for their joint benefit or for the benefit of any child of the marriage;
the needs of the children (if any) of the marriage;
the extent of the contributions made by each party to the welfare of the family, including looking after the home or caring for the family or any aged or infirm relative or dependant of either party;
any agreement between the parties with respect to the ownership and division of the matrimonial assets made in contemplation of divorce;
any period of rent-free occupation or other benefit enjoyed by one party in the matrimonial home to the exclusion of the other party;
the giving of assistance or support by one party to the other party (whether or not of a material kind), including the giving of assistance or support which aids the other party in the carrying on of his or her occupation or business; and
the matters referred to in section 114(1) so far as they are relevant.
(3) The court may make all such other orders and give such directions as may be necessary or expedient to give effect to any order made under this section.
(4) The court may, at any time it thinks fit, extend, vary, revoke or discharge any order made under this section, and may vary any term or condition upon or subject to which any such order has been made.
(5) In particular, but without limiting the generality of subsections (3) and (4), the court may make any one or more of the following orders:
an order for the sale of any matrimonial asset or any part thereof, and for the division, vesting or settlement of the proceeds;
an order vesting any matrimonial asset owned by both parties jointly in both the parties in common in such shares as the court considers just and equitable;
an order vesting any matrimonial asset or any part thereof in either party;
an order for any matrimonial asset, or the sale proceeds thereof, to be vested in any person (including either party) to be held on trust for such period and on such terms as may be specified in the order;
an order postponing the sale or vesting of any share in any matrimonial asset, or any part of such share, until such future date or until the occurrence of such future event or until the fulfilment of such condition as may be specified in the order;
an order granting to either party, for such period and on such terms as the court thinks fit, the right personally to occupy the matrimonial home to the exclusion of the other party; and
an order for the payment of a sum of money by one party to the other party.
(6) Where under any order made under this section one party is or may become liable to pay to the other party a sum of money, the court may direct that it shall be paid either in one sum or in instalments, and either with or without security, and otherwise in such manner and subject to such conditions (including a condition requiring the payment of interest) as the court thinks fit.
(7) Where, pursuant to this section, the court makes an order for the sale of any matrimonial asset and for the division, application or settlement of the proceeds, the court may appoint a person to sell the asset and divide, apply or settle the proceeds accordingly; and the execution of any instrument by the person so appointed shall have the same force and validity as if it had been executed by the person in whom the asset is vested.
(8) Any order under this section may be made upon such terms and subject to such conditions (if any) as the court thinks fit.
(9) Where the court, by any order under this section, appoints a person (including the Registrar or other officer of the court) to act as a trustee or to sell any matrimonial asset and to divide, apply and settle the proceeds thereof, the court may make provision in that order for the payment of remuneration to that person and for the reimbursement of his costs and expenses.
(10) In this section, “matrimonial asset” means —
any asset acquired before the marriage by one party or both parties to the marriage —
ordinarily used or enjoyed by both parties or one or more of their children while the parties are residing together for shelter or transportation or for household, education, recreational, social or aesthetic purposes; or
which has been substantially improved during the marriage by the other party or by both parties to the marriage; and
any other asset of any nature acquired during the marriage by one party or both parties to the marriage,
but does not include any asset (not being a matrimonial home) that has been acquired by one party at any time by gift or inheritance and that has not been substantially improved during the marriage by the other party or by both parties to the marriage.