One of the most difficult aspects of divorce is dividing the assets that you have accumulated either before or during the course of your marriage. This can be trying because while you are married, it is unlikely that you clearly marked out various items as either yours or theirs. Therefore, it can become quite confusing to determine how all of your property and belongings will be allocated. To make this simpler for both parties, here are some of the guidelines you should follow:
Be Upfront About All Assets
If you want this process to go as smoothly and as quickly as possible, then you will need to be honest with one another. It can be tempting to not divulge certain savings and assets because you firmly believe them to be yours. However, during the course of the proceedings, all of your financial statements will be revealed. As a result, your partner or spouse will be made aware of all of the money and properties that you own. It is much better to simply lay all of the facts on the table in the very beginning. Failure to do so could result in you having to start the discussions all over again, wasting precious time and money.
Be Well Represented
Depending on how amicable the divorce is, you and your spouse may be able to work out the details without getting the courts involved. Other times, you will require a legal settlement of the assets and properties that you both own. Regardless of the scenario, it is a good idea to have family lawyers Melbourne on your side. They can help the discussions to move in a more organised manner. Attorneys are also great for making sure that you hand over all documents and claims on time. By doing so, you can have the proceedings move at a much faster pace.
Understand What Qualifies as Property
When most individuals hear the term ‘property’ they think of real estate. However, in this situation, it can actually refer to a number of things. While it includes your home and other real estate you own, it can also take into account savings, investments, vehicles, and even inheritances. What many people are not aware of is that even debt can be classified as property. Therefore, if one of the spouses or partners have a certain amount of debt pending, some of it may be transferred to the other party. It is important to understand, from the very beginning, what precisely you stand to lose or gain in this type of settlement.
Know That the Split Will Not Be 50-50
If you leave the decision up to the courts, you should be aware that all of your assets will not be divided equally. Instead, the legal system relies on a four step decision making process. First, they will calculate the total value of all of your assets. After this, they will determine just how much each individual contributed to this overall amount. Then, it is a matter of determining the financial future of each person. This entails calculating how much you will earn in the years to come weighed against how much you will require to live a comfortable life. Finally, the courts will evaluate just how fair the property settlement they have drawn up is to each person.
This is how you can make the process of property settlement easier for everyone involved.