What are the procedures involved in property settlement during separation?

A property settlement is an agreement between parties to distribute assets, financial resources, or liabilities during separation. This law is often binding upon couples who decide to get a divorce. A property settlement can be carried out via a court’s assistance or without it. You can reach out to property settlement lawyers for handling the division of property matters legally. The term ‘property’ can cover almost everything that has value. For example, the following things can be summed up as property:

  • Business interests and assets
  • cars
  • jewelry
  • trust interests
  • superannuation
  • property owned independently or jointly
  • money
  • pets
  • assets obtained via inheritance

The term ‘property settlement’ isn’t only confined to property that has been obtained, earned, or accumulated during the tenure of a relationship or marriage. Property acquired after the divorce proceedings or before the separation is also covered under the property settlement. Apart from this, whether the liabilities are held individually or jointly, they should be distributed among the parties. The following liabilities should be taken care of during separation or after separation:

  • Tax
  • stamp duty obligations
  • debts
  • loans

Suppose both the parties have decided upon the terms related to property settlement. In that case, they can finalize the agreement by reaching a financial agreement or applying with a construction lawyers near me in court for final consent. Contrary to popular belief, several resources can help reach a final property settlement agreement without the court’s involvement. However, most of the nature of these agreements is complex and can be understood only by professionals.

So, to curb out the complexities involved in the property settlement, you can seek advice or help from an attorney to ensure the property settlement agreement is completed smoothly. If you can come up with an agreement without a court’s assistance, you can save yourself money and time. With the help of property settlement lawyers, you’ll have an opportunity to improve your bond with your spouse. As a result, this can help resolve any future conflicts.

You can finalize this agreement after agreeing upon the terms mentioned in a property settlement by applying to a judicial court. Your family lawyer will make this task easy for you by representing you within a court. Besides, the lawyer will complete all the legal documentation and procedures involved throughout the entire procedure. So, you can execute the option of either coming up with a financial agreement or applying for a consent order within the court.

Contrary to popular belief, there’s no guarantee that couples’ property will be distributed equally among parties after legal separation or termination of a relationship. A court doesn’t use a set or standard formula to finalize a property settlement.

Usually, the time limit specified for a de facto couple from the separation date is two years. A married couple will be given twelve months from their divorce time to finalize a property settlement. Under exceptional circumstances, the court will offer an extension; however, it’s rare. As per their interests, parties will be allowed to finalize a property settlement as soon as possible. You can reach out to a family law de facto property settlement lawyer.