When it comes to separation and divorce, both matters are complicated, making it difficult for both parties involved in the relationship. Property settlement is also one of the issues that need to be resolved as well.
It is crucial that you seek specialized legal advice, especially when it comes to property settlement. The process can be tedious and stressful. This article tackles how to go through it in an efficient, effective way.
Separation is the act of living apart from one another. There is no need to file court papers, and living with your partner is not compulsory at all. Before separating, the best way to decide if separation is the best decision for you and your partner is to speak to a knowledgeable, experienced family lawyer.
If you do it individually, you will need to sort out child care plans, if you have any child support/spousal support, and bill payments. A mediator (a neutral third party that helps promote agreements) or a lawyer will help you and your partner find an understanding if conflicts start to occur.
Divorce is the legal termination of a marriage. It allows both parties to re-marry again. When it comes to divorce, it is the full breakdown of the marital state. All assets are split down, plans for the children are made, support is decided, and the wife will return to her former name.
When the former couple is divorced, their estates are split again, and they are generally unable to share health care benefits or tax filing status. The position of the parties changes automatically when a relationship breaks down, as do their related rights and obligations. It is wise to consult qualified, experienced divorce lawyers when it comes to these matters. A divorce lawyer is able to support you interrelatedly about family law concerns.
Furthermore, a divorce lawyer aims to make the separation process as easy and affordable for you as possible regardless of your family circumstance. In relation to the breakup of both marriages and de facto partnerships, they also offer practical advice.
The formal division of property following a separation is a property settlement. Discussions about the division of properties will arise as soon as a couple separates.
The measures to resolve the required property settlement are as follows:
- Both parties need to settle on the worth of each party’s assets and debts.
- Both parties need to look at who has contributed, both financially and non-financially.
- Both parties need to analyze any variables that could impact individuals in the future, such as children’s arrangements and each party’s income.
- The final result for both parties must be fair and equitable.
After both parties reach an agreement, the next step is to make a property settlement legally bound. It can be done in two ways: file terms of settlement or enter into a Binding Financial Agreement.
Without going to court, separate spouses are encouraged to settle on agreements for their house. It’s expensive, time-consuming to go to court, and might not result in a decision you agree with. If you need to go to court or obtain consent orders from the court, time limits are applicable.
You’re not going to have to wait until you get divorced. If you get a divorce and have still not sorted out your property plans, within 12 months of your divorce being final, you must apply to the court for property orders.
All in all, going through these matters can be emotionally draining and affect your financial decisions in your life. However, to ensure that everything goes well, you must talk to your partner in terms of the agreement and seek professional help from a lawyer.