1. Legal Nature and Principles of Division of Company Shares in Divorce

According to Supreme Court decisions, company shares acquired during the marriage are, as a rule, considered “acquired property” (TCC art. 219). Unless it is proven that the company shares owned by one spouse are personal property, the other spouse has a right to a participation claim equivalent to half of the remaining value (TCC art. 222, 236/1). The fundamental rule in the division of company shares is not the physical division of the company itself or the shares in kind, but that the demanded right is “a monetary claim” (participation claim). The right granted to the claimant spouse is a personal claim right, and no claim for ownership or real rights can be made; however, with the consent of the indebted spouse, payment can also be made in kind (share transfer) (TCC art. 239/1).

2. Distinction Between Personal Property and Acquired Property in Divorce

Pre-marital and Gratuitous Acquisitions: Shares acquired before marriage or transferred through gratuitous acquisition such as inheritance/donation are considered “personal property.” The other spouse has no claim right over the main value of shares classified as personal property.

Income from Personal Property: Unless otherwise agreed, profit shares (dividends), income, and the forms of this income converted into investment, obtained from company shares classified as personal property, are considered “acquired property” and are subject to liquidation.

Capital Increases: Unless proven otherwise, capital increases made within the marriage union are presumed to be covered by acquired assets. In this case, a participation receivable must be calculated based on the rate of the capital increase.

3. Determination of Company Value and Calculation Method

 The valuation of company shares is performed based on their current (market) values at the date of liquidation (decision), according to the situation at the moment the property regime ended (date of divorce filing). The following criteria are taken into consideration during valuation:

The company’s balance sheet values, asset and capital structure, and equity.

The sector’s position, growth rate, and the company’s market share.

The technology used, machinery and equipment status, and R&D activities.

Customer portfolio, organizational structure, and management team.

Future cash flows, profit potential, and profit distribution policies.

General supply-demand rules of the economy and its overall trend.

In the calculation, the closest current value to the decision date is found by using the CPI (Consumer Price Index) on the determined market value. After deducting the company’s debts from this value, the participation receivable is calculated based on half of the remaining “surplus value”.

4. Necessity of Expert Examination 

Since the determination of the value of company shares is a technical matter, courts are obliged to obtain reports from expert witness panels. This panel usually consists of financial advisors, company valuation specialists, economists, and lawyers. Expert witnesses are responsible for conducting detailed examinations of company ledgers, balance sheets, profit and loss statements, and commercial registry records to determine whether profits have been added to capital, undistributed profit shares, and the company’s real market value.

5. Information Obtained from Secondary Sources 

The following matters have been evaluated based on secondary sources due to limited information in the decision texts:

Connection with Commercial Disputes: In commercial lawsuits such as expulsion from company partnership or inheritance partnership, ongoing property regime liquidation cases in family courts can be made a preliminary issue, or valuation determinations in these cases (such as real estate market values) can provide data for commercial disputes.

Effect on Share Ratios: In the event of death, the surviving spouse’s claim from the property regime is evaluated before the inheritance share, and this situation can indirectly affect the company’s partnership structure or share ratios.

Simulated Transfers: If the spouse transfers company shares to third parties (e.g., their sibling) with the intent to reduce the other spouse’s participation claim, these transfers are included in the liquidation account as “added value”.

Result: Company shares are not physically divided in a divorce; instead, half of the value calculated based on the market price closest to the date of the decision, taking into account the status of the shares at the date the property regime ended, is paid in cash to the other spouse as a “right to participate in acquired property”. An article suggestion.

Boşanmada şirket hisseleri eşler arasında aynen bölünür mü?

Hayır. Yargıtay’ın istikrarlı uygulamasına göre, şirket hisseleri boşanmada aynen bölünmez veya devredilmez. Paylaşım, hisselerin mülkiyeti üzerinden değil; parasal değerleri üzerinden katılma alacağı şeklinde yapılır. Diğer eş, şirket ortağı sıfatı kazanamaz; yalnızca artık değerin yarısı oranında şahsi alacak hakkına sahip olur.

Evlilikten önce kurulan şirketteki hisseler de paylaşıma girer mi?

Genel kural olarak hayır. Evlilikten önce edinilen şirket hisseleri kişisel mal kabul edilir. Ancak bu hisselerden evlilik süresince elde edilen kâr payları (temettü), dağıtılmamış kârlar veya bu gelirlerle yapılan yatırımlar edinilmiş mal sayılır ve tasfiyeye dahil edilir. Bu nedenle “şirket evlilikten önce kuruldu” savunması her zaman yeterli değildir.

Şirket sermaye artırımı yapılmışsa katılma alacağı nasıl hesaplanır?

Evlilik birliği içinde yapılan sermaye artırımlarının, edinilmiş mallardan karşılandığı karine olarak kabul edilir. Aksi ispatlanamazsa, sermaye artışı oranında şirket değerine eklenen kısım üzerinden katılma alacağı hesaplanır. Yargıtay, bu noktada özellikle şirket kayıtlarının ve banka hareketlerinin incelenmesini zorunlu görmektedir.

Şirket hisseleri üçüncü kişilere devredilirse katılma alacağı ortadan kalkar mı?

Hayır. Eşin, diğer eşin katılma alacağını azaltmak amacıyla şirket hisselerini kardeşine, akrabasına veya yakın çevresine devretmesi halinde, bu devirler muvazaalı işlem olarak değerlendirilir. Yargıtay uygulamasında bu tür işlemler “eklenecek değer” kabul edilmekte ve tasfiye hesabına dahil edilmektedir.

Şirket değerini kim ve nasıl belirler?

Şirket hisselerinin değeri, hakim tarafından değil, bilirkişi heyeti tarafından belirlenir. Bilirkişi raporunda; bilanço, kâr-zarar durumu, sektör analizi, pazar payı, geleceğe dönük nakit akışları ve şirketin sürüm (rayiç) değeri dikkate alınır. Bu rapor, davanın sonucunu doğrudan etkilediği için en kritik aşamadır.

Why is Expert Lawyer Support Necessary in Property Regime Cases Involving Company Shares in Istanbul?

Lawsuits for the liquidation of property regimes related to company shares are among the most complex and technical cases in post-divorce disputes. In such cases, it is necessary to correctly differentiate between personal property and acquired property, to determine capital increases and undistributed profits realized during the marriage, to technically review expert reports used for determining company value, to uncover collusive share transfers aimed at circumventing the “right to participate in acquired property”, and to accurately calculate the “right to participate in acquired property” in light of all this data. Each of these stages requires significant expertise, and even a small error can lead to substantial financial losses. Therefore, in divorce and property regime liquidation cases involving company shares, working with an expert lawyer proficient in both family law and commercial law is almost a necessity.

In Istanbul, especially on the Anatolian Side, company shares are among the most frequent assets subject to dispute in property regime liquidation cases. In these cases filed in important districts of Istanbul, including Tuzla, Kartal, Pendik, Maltepe, Ataşehir, Ümraniye, and Kadıköy; determining the company’s true market value, establishing a legal strategy in line with the Supreme Court’s current precedents, and effectively guiding expert reports directly impact the outcome of the case.

Having extensive experience in this field, 2M Law Office, provides result-oriented and highly technical legal support in cases concerning the division of company shares in divorce, participation claims, and liquidation of property regimes; by correctly establishing the litigation strategy from the outset, preparing strong and technical objections against expert reports, identifying fraudulent share transfers, and collecting high-value participation claims.