When it comes to dividing up your assets after a breakup, most people are unsure of property settlement. They believe their only option is to go to court to settle the matter, but this isn’t always the case. The court doesn’t have to be involved if both parties are willing to seek assistance from an intermediary. This article will provide a brief guide to family law property settlements.
What is Family Law Property Settlement?
A property settlement is an agreement made between all parties involved in a dispute, the agreement involves the dividing of assets, liabilities and financial resources. When couples agree to separate, they must get their finances in order. The best way of doing this is to seek assistance from an experienced family lawyer as opposed to going directly to the court. A qualified lawyer can act as an intermediary and help resolve the matter without the assistance of the court.
When approaching a property settlement case, you must remember that it can include anything of value, which means items such as:
- Property – this includes anything you own jointly not just independently
- Business Interests
- Trust Funds
- Inheritance – any assets you’ve acquired through inheritance
A property settlement doesn’t just include anything of value which you’ve acquired during the relationship, it also means property which you’ve acquired before, during and sometimes after the relationship has ended.
Liabilities will also be divided between both parties, this includes things such as debt, tax and loans. If you are facing a family law property settlement, you should be aware of the details and understand what is involved in the settlement.
Avoiding the Court
There are many resources available to parties who wish to avoid using the courts to settle a case. If both you and the other party would like to settle outside of court, you should seek assistance from an experienced lawyer to ensure you’ve come to the best possible agreement. Due to the complex nature of a property settlement, it is advisable to seek expert opinion and assistance in the matter.
One of the best things about making an agreement outside of court is that you get to save yourself time and money. A consent order will finalise your agreement in the eyes of the court. If both parties agree to the terms outside of court, all the court has to do is sign the document putting it into legal effect. It works in the same way as a written business contract between two independent parties.
If you are unsure about the procedures surrounding property settlement, you should contact your local family lawyer to discuss the matter in more detail. You don’t have to settle the matter in court, there are other options available. If a matter cannot be settled outside of court and both parties cannot reach an agreement, the court will make an order which is fair and reasonable for both parties involved.