Know The Process Involved In Property Settlement

Posted by kamal on January 16th, 2020

Divorce terminates the legal partnership between a man and a woman and at the same time divides the property they both owned as a couple. Property owned by either of the couple before the marriage usually remains to the possession of the original owner, but everything else the couple had acquired right after their wedding is divided among them.

And while most people think that divorce and property settlements are the same process, they are actually separate processes. It is also important to understand that by the time a couple is divorced, they only have a year or 12 months from the date of the divorce to process their property settlement.

In the family law, there are four steps that take place in Property Settlement. The first step is the creation of a net asset pool. This pool is created between the two parties and includes all the assets and liabilities the two parties acquired before marriage and after separation. This may also include any financial resources over which either of the parties have control or influence.

The second step involves the court assessing the contributions of both parties to their former marriage. The contributions may be both financial and non-financial. According to the Family Wills Newport Law Act Section 79(4), any contribution made by either of the two parties to the benefit of the family is also put into consideration.

The third and final step involves the court considering aspects that are relevant to the future needs of either of the two parties. The matters that need to be considered include the age and health of the two parties, the mental and physical capacity of each of the two parties to find employment in the future, and their responsibilities to take care of any child. After all these three steps have been taken, the court will then determine whether the proposed settlement is just and reasonable.

Now, a lot of divorced couples think they can simply come to an agreement themselves and won't actually need the help of a Conveyancing Altona lawyer. This is not surprising at all since it can be the cheapest way to settle matters. However, the property settlement process is not that simple and the Court won't easily recognize any agreement done without proper documentation. In these situations, it is ideal to consult a highly-qualified lawyer. With the help of a lawyer, any divorced couple can easily document their agreement in a formal and legal way. This may cost the couple some money initially, but it will ensure that the agreement will remain valid and binding until the end.

There are other benefits of consulting an experienced lawyer when processing a divorce property settlement.

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