Divorce and Property Settlement – 4 things to know
Court proceedings are expensive and the best course of action is always to try and reach an agreement with your partner about the most acceptable way to divide the common property. This can be done with the involvement of a competent attorney/s and without the necessity for protracted and expensive court proceedings.
2. If you reach an agreement without initiating court proceedings, you can still formalise the agreement by obtaining a consent order in the Family Court. Again, this will save substantial legal costs.
3. If you cannot reach an agreement, then an application can be made to the Family Court for financial orders. Court proceedings are time consuming and costly and can ultimately greatly diminish the asset pool that will be available for distribution between the parties.
4. Whilst there is no mandatory formula per se, used to divide assets, factors that will be considered are :
- The value of the assets and liabilities
- The direct financial contributions made by each partner in the marriage, e.g. salaries
- Indirect financial contributions, e.g. gifts or inheritances
- Non-financial contributions e.g. raising of children
- Future requirements depending on age, health, financial resources, dependent children and ability to earn
If you are facing a family crisis and require legal guidance or assistance, contact our caring team for an obligation free confidential consultation. Whatever painful decisions you may be facing, we can ensure that you are equipped with expert legal advice.
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