Law

How to get started on your divorce property settlement

Divorce is not an easy process but rather a stressful one. It is often thought that divorce is a way to bail out of an unhappy union. But when it comes to property settlement the whole process can be very emotionally stressing. Here are a few tips that will help you make the whole divorce in Australia property settlement process started and seem as painless and easy.

Keep the settlement civil.

Keeping it civil may sound very simple but truth be told it is not that easy of a task. If this is done than the whole procedure of settlement and ultimate desolation will proceed quickly. This is because in such cases spouses are able to come to a common decision in less timing and that too without spending loads of time and money at family law courts.

Make a proper list of all the assets.

The best and simplest way to get started on divorce property settlement is that each of the spouses lists down all of their owned assets. It is a good idea to even mark which one should get which asset and the lists must be compared. If a dispute arises it can be resolved with mutual understanding. The most important point here is to be completely transparent throughout the settlement process.

Measure the worth of your property.

It is very essential to know about the value and usefulness of the property that is to be divided. In most of the cases, courts accept the fair market value of each asset and the money that is being offered in the open market is the price that will be distributed justly.

Ascertain whether the property is separate or marital 

It is a very good and helpful idea to categorize the assets and then move forward with the settlement. Each spouse should transparently categorize the owned properties and then decide on mutual grounds.

Keep in mind if there is any debt.

It is often misinterpreted and thought that marital debt is not included in a divorce property settlement. This is definitely not the case. Any joint debt that is acquired during the course of the marriage is to be equally split between both of the spouses.

Work out a proper property settlement agreement.

If all the terms with regards to property distribution and debt division are settled, then a formal property settlement agreement can be drafted and presented before the judge. All most all judges honor such agreements.

Sum up

Divorce is definitely not an easy process and property settlement makes it even more difficult. To prevent any further emotional stress and hassle, distribute the assets in a very just and fair manner.

Mathews Family Law & Mediation Specialists is a reliable firm with respect to quality and value representation in our family law, divorce and mediation services. Our specialist family lawyers and mediators are widely recognized experts in the family law field.