Property Settlement Lawyers After Separation Or Divorce
After divorce, most people are concerned about protecting their assets. Property settlement lawyers can help protect your interests while dividing your marital estate, protecting your retirement assets, and property rights.
Going through a divorce is a challenging and emotionally taxing process, and one of the most difficult aspects of a divorce settlement is the division of property. Property settlements can be complicated by many factors, including legal issues and tax implications. It is important to choose a lawyer who understands the law and knows how to negotiate effectively. O’Loan Family Law are experienced negotiators who can help you reach fair agreements regarding your property division.
The sooner you hire a lawyer, the better off you will be. If you wait until the last minute, you could lose valuable rights to your property. Contact O’Loan Family Law today to learn more about our services and receive legal advice from our experienced family lawyers.
In this article, we will explore some of the challenges of property division and how to navigate them during a divorce settlement.
What Is A Property Settlement?
The term ‘property settlement’ refers to the division of assets between spouses after divorce or separation. In some countries, such as Australia, the law requires that both parties agree to the terms before they can be finalised.
Property settlements are usually divided into two parts: alimony (also known as spousal maintenance) and child support. Alimony payments are paid to the former spouse until he/she remarries or dies. This usually occurs in circumstances where a spouse cannot adequately support themselves. Child support is paid to the children until they reach adulthood.
What Should Be Divided?
If you are going through a divorce, you might wonder whether you should split your property equally between both parties or give each party their share. This decision depends on several factors, such as the length of the marriage, the children involved, and other financial obligations.
Divorce is never fun, but the division of property can be even harder. Sometimes, you may want to consider giving your ex-spouse less than 50% of your total assets. This is because you may be unable to afford the cost of living without assistance. The Court generally looks at the total pool of marital assets and then determines each party’s entitlement.
Negotiating A Property Settlement
In case of a divorce, the couple involved might face some challenges in dividing their assets. The main reason behind this is that they don’t know much about the legalities associated with such transactions. This makes them vulnerable to being cheated out of their rightful share.
The legal system has evolved over time to provide a fair outcome for both parties. In some instances, however, the court cannot award full ownership of assets or debts to either party. This means that the couple must come to an agreement themselves.
Divorce is a complex issue that requires careful consideration. If you want to ensure that you receive a fair share of your ex-spouse’s assets, you should consult a lawyer specialising in family law. They will guide you through the process and advise you on the best way forward.
Property Settlement For Married Couples
Explain Property Settlement laws & requirements for married couples
The court can make orders regarding the property of a married couple either before a divorce or following a divorce.
A party to a former marriage will need to receive the appropriate legal advice before the 12-month time limit after their divorce.
Property Settlement For De Facto Relationships
Explain Property Settlement laws & requirements for defacto relationships
The Family Law Act (1975) states there is a time limit for a party of a defacto relationship to bring an application for a property settlement, which is two years within the end of the relationship. An experienced property settlement lawyer can guide you through this process to achieve an equitable outcome.
The steps to a property settlement under the Family Law Act
Determining The Asset Pool
This step involves what assets you own jointly and individually. This includes all the real property and intangible property such as real estate, investment properties, current assets, bank accounts, liabilities and financial resources of the parties. Other types of assets will need to be considered such as retirement benefits and pension plan. When deciding on the division of real property, couples may need to decide whether to sell the property or have one spouse buy out the other’s shares.
Assess the Contributions Made by Each Party
The second step involves assessing the contributions that party has made to the relationship. This includes the financial contributions such as income and inheritances. Other contributions that are assessed include non-financial contributions such caring arrangements for children or maintain the family home.
Assess The Future Needs of Each of The Parties
Each party is assessed by their individual circumstances and their future needs both financially and non-financially. This depends on the financial situation of each party, age, health.
Determining Whether the Proposed Decision Is An Equitable Division
The final step is to evaluate the overall outcome of the proprerty settlement and ensure that is a fair outcome. This step of the property settlement process considers factors such as taxation, legal costs and feasibility of the proposed arrangements.
FAQs
The court has jurisdiction to decide how much each party gets from the other person’s assets. The courts are required to look at financial and non-financial contributions of each party. If you want to avoid going to court, then you should try negotiating a fair property settlement agreement. Most property disputes are determined by agreement.
There are two types of property settlements: equitable distribution and equal division. Equitable distribution means that both parties receive roughly the same amount of money. Equal division means that one spouse receives all of the couple’s assets while the other receives nothing.
Yes, you can get a divorce without financial settlement in Australia. However, you need to be aware that you may lose some rights if you do not agree to give up any claims against your spouse. If you want to avoid losing these rights, then you should consider getting a financial settlement from your spouse.
The length of divorce property settlements depends on several factors such as how much money each party has, whether one spouse is working, and what kind of assets they have. If both spouses work fulltime, then the settlement process could last up to two years. However, if only one spouse works, then the settlement process might be completed in less than six months.
Gifts are considered a contribution that the recipient brings to the relationship, so when the relationship ends, it is common for people to try to calm these personal gifts as theirs. If a court is required to get involved in determining ownership, they will look at whether the gift was intended only for one spouse, or if it was intended to benefit both spouses.
Why Choose O’loan Family Lawyers For Property Settlement
We offer personalised advice for all our clients. Our team has extensive experience dealing with your property settlement matter, and we know how to negotiate the best deal for you. If you need help negotiating your property settlement and would like to receive expert advice, then contact us today! We provide a fixed-cost consultation service where we can advise you on the complexities of property division.