Going through a divorce is a difficult phase in life. However, the burden will be lessened if you know what your rights are and how you are going to handle your properties and assets during the marriage. Under section 79 of the Family Law Act are various factors that explain what you will do for a property settlement divorce.
Taking these into consideration, the only question now is how you are going to weigh out things to come up with a harmonious conclusion. Below are the basics when it comes to this matter.
What Happens During the Process?
During the legal property settlement process, you will be faced with five important steps that will ultimately determine how the matrimonial asset pool is going to be divided. The court will:
1. Look at whether it is equitable and just to order altering the property interests in dispute.
2. Determine the liabilities, assets, and financial resources of both parties, establishing the pool of property to be distributed.
3. Make an assessment of the contributions of both parties by examining both financial and non-financial contributions during the marriage up to the point of separation.
4. Define whether there will be a need to make modifications based on the financial disparity in either of the parties and whether one is allowed to have an adjustment.
5. Regarding all relevant conditions, modify property interests of both parties is centred in fairness and equitability.
How Should Assets Be Divided?
Ideally, the process of deciding how the property should be shared is by attempting to resolve this matter without instigating formal legal proceedings. Negotiations may occur when both parties will involve legal presentation and after-financial disclosure. It is also plausible to have lawyers for property settlement get involved, especially when it comes to communicating in behalf of both parties.
On the other hand, during property settlement divorce, dispute resolution avenues such as mediation may assist the parties to have a confidential settlement discussion through the help of a trained mediator. The meditator’s role is to help the parties come up with an amicable solution while remaining neutral all throughout.
When property settlement agreement has been reached, this can be formalised by making a legal consent order.
There are obviously many advantages to those who resolve this issue without a lot of legal proceedings. This includes:
1. Having contributions into the final conclusion by both parties
2. Resolving the dispute in a short span of time
3. Settling outside of the court resulting to cost savings
If both have settled as referred above, then usually a court action is considered the next possible step. However, when intricate problems and impractical expectations are involved, a judicial determination may be required, leading to the final phase of property settlement divorce, and that is the final court hearing.
During the concluding hearings, it is important to have supplied all necessary pieces of evidence available to come up with an absolute decision. When there are further disputes, appointed experts may be called to give an opinion on the matter. Thus, it is important to fully disclose all financial resources, assets, and liabilities for a reasonable outcome. Seek legal assistance by visiting https://www.mcpheelawyers.com.au/services/property-matters/.