{"id":18153,"date":"2026-03-01T17:21:39","date_gmt":"2026-03-01T16:21:39","guid":{"rendered":"https:\/\/www.experts-du-patrimoine.fr\/definitions\/disaggregation-of-ownership\/"},"modified":"2026-08-12T10:10:56","modified_gmt":"2026-08-12T09:10:56","slug":"disaggregation-of-ownership","status":"publish","type":"lexique","link":"https:\/\/www.experts-du-patrimoine.fr\/en\/glossary\/disaggregation-of-ownership\/","title":{"rendered":"Disaggregation of Ownership"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>In <a href=\"https:\/\/www.experts-du-patrimoine.fr\/en\/wealth-management-in-france-for-expats\/\">wealth management<\/a>, split ownership is mainly used to optimise the <a href=\"https:\/\/www.experts-du-patrimoine.fr\/en\/services\/wealth-transfer\/\">transfer of wealth<\/a>, reduce certain tax costs, or organise the holding of real estate and financial assets.<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">Ownership rights are then divided into two components:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.experts-du-patrimoine.fr\/gestion-de-patrimoine\/les-grandes-strategies-de-gestion-de-patrimoine\/\" type=\"page\" id=\"9624\">bare ownership<\/a>;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.experts-du-patrimoine.fr\/en\/glossary\/usufruit\/\" type=\"lexique\" id=\"3115\">usufruct<\/a>.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">The bare owner holds the asset in legal terms, while the usufructuary retains the right to use the asset or receive the income from it.<\/p>\n\n<p class=\"wp-block-paragraph\">Split ownership can apply to a property, units in a <a href=\"https:\/\/www.experts-du-patrimoine.fr\/definitions\/scpi\/\" type=\"lexique\" id=\"3129\">SCPI<\/a>, a securities portfolio, or certain wealth-planning contracts.<\/p>\n\n<section class=\"edp-key-figures\">\n\n\t<h2 class=\"edp-key-figures__title\">\n Split ownership in a few figures\n\t<\/h2>\n\n\t<p class=\"edp-key-figures__content\">\n Split ownership involves separating <strong>bare ownership<\/strong> from <strong>usufruct<\/strong>. For calculating gift or inheritance tax, the value of the usufruct is determined according to a tax scale that depends on the usufructuary\u2019s age. For example, before <strong>21<\/strong>, the usufruct represents <strong>90%<\/strong> of the asset\u2019s value, compared with <strong>50%<\/strong> between <strong>51 and 60<\/strong> and only <strong>10%<\/strong> from <strong>91<\/strong>. This scale is set out in <strong>Article 669 of the French General Tax Code<\/strong> and is an essential reference for wealth transfers.   \n\t<\/p>\n\n\t<div class=\"edp-key-figures__sources\">\n\n\t\t<span class=\"edp-key-figures__sources-label\">\n  Sources:\n\t\t<\/span>\n\n\t\t<a class=\"edp-key-figures__source\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006302747\" target=\"_blank\" rel=\"noopener noreferrer\">\n Article 669 of the French General Tax Code\n\t\t<\/a>\n\n\t\t<a class=\"edp-key-figures__source\" href=\"https:\/\/www.service-public.fr\/particuliers\/vosdroits\/F934\" target=\"_blank\" rel=\"noopener noreferrer\">\n Service-Public.fr\n\t\t<\/a>\n\n\t\t<a class=\"edp-key-figures__source\" href=\"https:\/\/www.notaires.fr\/fr\/donation-succession\/transmettre-son-patrimoine\/le-demembrement-de-propriete\" target=\"_blank\" rel=\"noopener noreferrer\">\n Notaires de France\n\t\t<\/a>\n\n\t<\/div>\n\n<\/section>\n\n<h2 class=\"wp-block-heading\">What is the difference between usufruct and bare ownership?<\/h2>\n\n<p class=\"wp-block-paragraph\">Usufruct is the right to use an asset and receive the income from it.<\/p>\n\n<p class=\"wp-block-paragraph\">For example, in the case of a rental apartment, the usufructuary can:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>live in the property;<\/li>\n\n\n\n<li>rent it out;<\/li>\n\n\n\n<li>collect the rent.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">The bare owner, for their part, owns the asset but cannot enjoy it immediately as long as the usufruct exists.<\/p>\n\n<p class=\"wp-block-paragraph\">At the end of the split ownership\u2014generally on the usufructuary\u2019s death in a family context\u2014the bare owner automatically regains full ownership, with no additional costs in most cases.<\/p>\n\n<p class=\"wp-block-paragraph\">This mechanism is widely used in wealth management to prepare a gradual transfer.<\/p>\n\n<h2 class=\"wp-block-heading\">Why use split ownership in wealth management?<\/h2>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.experts-du-patrimoine.fr\/en\/products\/disaggregation-of-ownership\/\" type=\"produit\" id=\"88\">Split ownership<\/a> is a particularly powerful wealth-planning tool.<\/p>\n\n<p class=\"wp-block-paragraph\">It can be used to:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>prepare an estate;<\/li>\n\n\n\n<li>transfer wealth at a lower tax cost;<\/li>\n\n\n\n<li>protect a surviving spouse;<\/li>\n\n\n\n<li>optimise real estate wealth tax (IFI);<\/li>\n\n\n\n<li>structure a real estate strategy;<\/li>\n\n\n\n<li>reduce certain gift taxes;<\/li>\n\n\n\n<li>plan ahead for the transfer of a family business.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">As part of a wealth strategy, split ownership often makes it possible to transfer wealth gradually while retaining certain rights or income.<\/p>\n\n<p class=\"wp-block-paragraph\">That is why it is frequently used by families with substantial real estate assets.<\/p>\n\n<h2 class=\"wp-block-heading\">How does a split-ownership gift work?<\/h2>\n\n<p class=\"wp-block-paragraph\">As part of a split-ownership gift, parents can transfer the bare ownership of an asset to their children while retaining the usufruct.<\/p>\n\n<p class=\"wp-block-paragraph\">This means they generally continue to:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>use the asset;<\/li>\n\n\n\n<li>receive the income;<\/li>\n\n\n\n<li>retain a certain level of control over the assets.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">On the usufructuaries\u2019 death, the children automatically regain full ownership.<\/p>\n\n<p class=\"wp-block-paragraph\">The main benefit is that gift taxes are calculated only on the value of the bare ownership, not on full ownership.<\/p>\n\n<p class=\"wp-block-paragraph\">This value depends on the usufructuary\u2019s age, according to a tax scale defined by the authorities.<\/p>\n\n<h2 class=\"wp-block-heading\">Is split ownership tax-efficient?<\/h2>\n\n<p class=\"wp-block-paragraph\">Yes, split ownership offers several tax benefits in wealth management.<\/p>\n\n<p class=\"wp-block-paragraph\">It can notably allow for:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>reduce gift taxes;<\/li>\n\n\n\n<li>optimise inheritance planning;<\/li>\n\n\n\n<li>limit the taxable base for IFI in certain cases;<\/li>\n\n\n\n<li>plan ahead for an estate;<\/li>\n\n\n\n<li>improve overall wealth-planning efficiency.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">However, split ownership must be used with caution and integrated into a coherent wealth strategy.<\/p>\n\n<p class=\"wp-block-paragraph\">The civil, tax and family implications must be carefully analysed before any transaction.<\/p>\n\n<h2 class=\"wp-block-heading\">Which assets can be split?<\/h2>\n\n<p class=\"wp-block-paragraph\">Split ownership can apply to many types of wealth assets:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>real estate;<\/li>\n\n\n\n<li>SCPI;<\/li>\n\n\n\n<li>securities portfolio;<\/li>\n\n\n\n<li>shares;<\/li>\n\n\n\n<li>securities accounts;<\/li>\n\n\n\n<li>capitalisation contracts;<\/li>\n\n\n\n<li>units in civil companies.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">In wealth planning, temporary split ownership is also used in certain real estate investment strategies or family business transfer strategies.<\/p>\n\n<h2 class=\"wp-block-heading\">Why get support for split ownership?<\/h2>\n\n<p class=\"wp-block-paragraph\">Split ownership is a technical transaction that can have significant tax, legal and inheritance consequences.<\/p>\n\n<p class=\"wp-block-paragraph\">A <a href=\"https:\/\/www.experts-du-patrimoine.fr\/en\/categorie\/wealth-management-adviser-cgp\/\">wealth management adviser<\/a>, a notary or a tax lawyer can help to:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>choose the right strategy;<\/li>\n\n\n\n<li>avoid certain mistakes;<\/li>\n\n\n\n<li>optimize taxation;<\/li>\n\n\n\n<li>secure the transfer;<\/li>\n\n\n\n<li>adapt the structure to the family situation.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">In many cases, split ownership fits into an overall wealth strategy combining real estate, wealth transfer and inheritance optimisation.<\/p>\n\n<h1 class=\"wp-block-heading\">FAQ<\/h1>\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1779552339077\"><strong class=\"schema-faq-question\">What is split ownership?<\/strong> <p class=\"schema-faq-answer\">Split ownership involves separating ownership of an asset between usufruct and bare ownership.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1779552351439\"><strong class=\"schema-faq-question\">What is the difference between usufruct and bare ownership?<\/strong> <p class=\"schema-faq-answer\">Usufruct allows you to use the asset or receive the income from it. Bare ownership corresponds to legal ownership of the asset without being able to benefit from it immediately. <\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1779552371205\"><strong class=\"schema-faq-question\">Why use split ownership in wealth management?<\/strong> <p class=\"schema-faq-answer\">Split ownership can be used in particular to optimise the transfer of wealth and reduce certain tax costs.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1779552387308\"><strong class=\"schema-faq-question\">Which assets can be split?<\/strong> <p class=\"schema-faq-answer\">Split ownership can apply to real estate, SCPI, shares or certain financial investments.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1779552402287\"><strong class=\"schema-faq-question\">Does split ownership mean paying less inheritance tax?<\/strong> <p class=\"schema-faq-answer\">Yes, in some cases. Transferring bare ownership can reduce the taxable base for a gift. <\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Split ownership is a legal and wealth-planning technique that involves separating the different rights attached to an asset between several people. <\/p>\n","protected":false},"featured_media":18154,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categorie_lexique":[1401,1402],"class_list":["post-18153","lexique","type-lexique","status-publish","format-standard","has-post-thumbnail","hentry","categorie_lexique-real-estate","categorie_lexique-wealth-taxation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Split ownership: definition, benefits and how it works<\/title>\n<meta name=\"description\" content=\"Find out how split ownership works, its tax and inheritance benefits, and how it is used in wealth management.\" 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