One has to face property settlement, especially when getting a divorce or getting separated. This article will bring you everything you should know and the importance of getting lawyers for property settlement. A property settlement is the term used when sharing property when two people separate. If you are in a de facto relationship, you are entitled to a property settlement once the relationship ends. However, it’s important to note that you can select lawyers for property settlement well in advance, even before finalising the divorce.
One of the essential questions that people regularly ponder is whether they need the help of lawyers for property settlement?
Well, to answer this question, it depends on the type of divorce you are facing. If you and your partner agree to distribute the property equally and decide on parenting the children equally, lawyers would not be needed in such cases. However, it’s important to note that once you make the informal arrangement and later if there are any issues observed, there might be an issue of finding the right legal help to get the settlement. To help with the lawyer requirements, read our blog on “Identifying And Choosing A Property Settlement Lawyer” to better understand selecting your property settlement lawyer.
- Hiring lawyers for property settlement can help you in two ways:
- Filling the consent orders: When you and your partner decide to amicably part ways, the property settlement process becomes much more straightforward but still needs a lawyer’s involvement, as they would ensure a consent order is signed to safeguard both parties keep their rights and adhere to all the rules.
- The making of financial agreement: A signed financial agreement when both parties have their lawyers for property settlement. They will ensure that both parties are on the same page and get proper advice during the property settlement process.
- What will happen if both parties don’t agree on the division of property?
In that case, a lawyer will play as a mediator to help negotiate a favourable deal for both parties. This may or may not involve the requirement of going to a court to get the settlement done.
- What happens if the case for property settlement reaches the court?
The court will undertake the following steps:
- It will personally look into the assets and liabilities of each party in the relationship.
- They will then access the contributions that a party can make financially and practically for their well being and caring of children.
- Access the future situation and check the ability of both parties to earn and support themselves and their kids.
- Following which a fair distribution is granted that both parties need to adhere to.
- How will be property be divided, and what about the house?
In most cases, the property settlement will include factors such as how long the party has been married, who will be handling the children, and what you brought with you during the marriage. Usually, in a long-term relationship, the property is equally divided. However, if a person has contributed more, then the court may reflect it on the settlement.
As for homes, both parties are still liable to pay the rent, as discussed with the tenant. While if the house is owned jointly, usually a person sells out and gets money while the other has to pay some amount and has complete control over the house. It’s even possible that they both decide to sell the house and get back the money they invested.
- When should you talk to lawyers for property settlement?
The sooner, the better. If you are planning on a divorce, talking with your family lawyer should be your first step. This should be the case even when separating on mutual terms. A lawyer will ensure that your property is sold at the right price and you get the desired assets without the other taking complete control of your properties. They might also be able to find out some hidden assets that your partner might have hidden from you.
Hoping this article removes all your doubts about property settlement and why you should seek assistance from a professional lawyer for property settlement cases.