If you are planning on separating from your partners, you should make an agreement on the division of property without going to court. This choice can help you avoid an extended divorce and related expenses. You will only need to make an agreement outlining the fair division of your assets and liabilities. Then, the court will approve, allowing you to separate amicably. Unfortunately, this direct process is not always applicable. If you cannot reach an agreement with the other party, you can apply for an order for division of property from the court. Here are simple steps to help you understand the process taken by the court when dividing the matrimonial assets.
Valuing Assets and Liabilities
The first step of handling property settlement during the divorce process is the identification of all assets and liabilities. In simple terms, the court will calculate the value of the property from your marriage or de facto relationship. The total items forming the matrimonial asset pool will take into account the liabilities and assets obtained both before and after the union. Typically, the property settlement will include real estate, money in banks, insurance policies, shares, inheritances, investments, superannuation and debts. It is important to disclose all relevant information on your assets. Otherwise, you might end up in legal problems due to withholding information.
Consideration of Contribution
The court will take into account the contributions of each party during the distribution of matrimonial assets. In general, the preliminary percentage of the division will depend on the established contributions during the relationship. For example, the court will calculate each individual's earnings, inheritances and savings. Also, the property owned prior to the union will be considered. Naturally, non-financial contributions will be evaluated and given a financial value. For example, contributions of an individual as a homemaker or parent will be taken into consideration before an order for property settlement is created.
Evaluation of the Future
The court will also look into other factors, apart from contribution, before finalising the property division order. In particular, there will be an evaluation of each party's future. For example, the court might consider how much money that the individual's involved can earn after the divorce. The age and the health status of the people will be taken into consideration. Also, there will be a detailed discussion on the future care of and monetary support for the children from your relationship.
Property division can be complicated. Therefore, you should hire a lawyer to help you ensure that you obtain a just settlement.
Share3 May 2018
Hello, my name is Sandra. I live with my two children in Eastern Australia. I have recently come through a very difficult divorce. My ex-partner used to drink too much and he wasn't a very good husband or father. The final straw was when I discovered he was having an affair. I filed for divorce the same day. I knew that getting divorced would be difficult but I didn't realise just how difficult. My husband did all he could to make it hard for me and the kids. Thankfully, I found a fantastic family lawyer who helped me through the entire process. I won custody of the kids and my husband has been asked to pay child support. I decided to start this blog to help others who are going through a divorce.