The finalization of the financial ties that exist between the parties involved in a divorce is referred to as property settlement. All the assets that are jointly owned need to be settled in the proper manner possible. Since not all circumstances in relation to divorce are the same, you should have a proper and professional guidance so that you get the appropriate settlement as per your expectations.
Assets and Properties Involved
Property settlement includes a variety of assets as well as accounts in addition to the property, home, and other physical possessions. Some of them are listed here:
- Retirement accounts
- Benefits received from social security due to factors like disability
- Benefits from health insurance
- Pension settlement
- Investments like stocks, bonds, etc
Marital debt also comes under the settlement list and is divided relieving the burden of only one party being liable to pay the debt.
Seeking Legal Assistance
If you are thinking of getting a divorce or have been recently separated, it is vital that you seek proper legal assistance regarding the property settlement. Since there is a time restriction present regarding the period from separation for the settlement to occur, you need to get legal help as soon as possible. Make sure you give all the necessary details like the liabilities, assets, investments, superannuation, and the details regarding the time when you separated, how long you have been together, and other financial matters.
How a Settlement is Done?
Property settlements are done by consent orders or through binding financial agreements. For the consent order, court appearance is not needed provided the application given is in proper order. A majority of cases that go to court on the property settlement usually settle on the way and do not go for a trial or final hearing. If the ex-partner involved is difficult to deal with and does not agree to the process, then a court procedure becomes necessary.
In case of binding financial arrangement, the final settlement is reached by the parties involved without calling for a judicial officer or registrar. The lawyers alone assist in the matter and settle it outside court. For this agreement, the parties need to have their own legal advisors who sign a statement regarding the agreement. Such an agreement can be done before or during a marriage, after separation or in a defacto relationship. But it should be done with the help of reputable family law solicitors only.
Precautionary Measures You Need to Take
There are some important measures you should think of before the final settlement is arrived at. Make sure your ex is not able to withdraw funds, increase debt through credit card, personal loan or mortgage, sell, give away any property or asset or transfer without your consent. You should also have the relevant documents related to the assets, superannuation, and other liabilities that both your ex and you own.
Property settlement can be done in an amicable manner if you get proper legal assistance to arrive at an agreement. Sometimes engaging lawyers to tackle the issue is also an easy and straightforward way that is more effective.
James Morgan advises you about the right kind of legal assistance that is needed when divorce and property settlement is in question. He also highlights the role of family law solicitors for a friendly settlement to occur between both parties involved.