One of the toughest parts of a divorce is settling matters with your spouse such as property and any other assets which you have together. There is a certain sentiment because this is a very definite move that you are both going your own separate way. Any property settlement lawyer will tell you that in all cases, the best thing to do is work out the plan between you and your spouse. Whilst this may be the best thing to do legally speaking, it is usually the most difficult, especially in an acrimonious divorce.
Let’s look at the steps involved in the separation of property, and how things will eventually get settled.
When You Need a Lawyer
The reality is that you don’t need a lawyer if you and your partner are able to reach an agreement. If you can do this then you will enter into a financial agreement which is binding, and a solicitor could sign that. With this being said, it is always a smart move to get a lawyer in any case, so that you can seek advice and understand the details of the financial agreement. If you are looking for a settlement lawyer, Melbourne has some of the finest in the country.
Step One – Identifying Value
The first step to the division of property is understanding what its value is. Here the legal team and/or judge will look at the entire pool of assets, which includes everything that is owned by both parties. Attaining the value for the asset pool will be done as a collective, regardless of who owns what.
Step Two – How Each Party Has Contributed
Next the contributions of both parties will be looked at, and this will include both non-financial and financial contributions. Those contributions will be considered regardless of whether they were made before, during or after the marriage.
Step Three – Making Adjustments For The Future
There are many future considerations which need to be made now, which will help to make adjustments to the division of property. Here salaries will be taken into consideration, as well as earning potential. Additionally age, health status and who the primary caregiver is will all be factored into the decision.
Step Four – Making a Just and Equitable Division
Using all of the considerations which have been made in the first three steps, a final decision will be made by the courts, in a way that is considered to be just and equitable for both parties. What the court considers to be just, may not be something that both parties agree with, and this again is why it is always best that you are able to make a deal with your spouse which protects you both, and which you both believe to be fair.
Always consult the very best property settlement lawyer that you can find, and ask as many questions as you have in your head about how things will be shared out following the divorce.