When you and your partner have decided to separate, you should consider a property settlement. These agreements help you separate your assets and move on financially. They are also a good way to avoid court costs and have the least emotional impact on your children. However, it is important to consult a lawyer before settling property.
Difference Between Divorce & Property Settlements
As a first step, you should make a complete list of your assets. Failing to disclose assets can cause penalties and lead to a reopening of your case. Further, it is against the law to hide assets from your partner or avoid property division. Once you have a detailed list of all your assets, you can begin negotiating the value of each asset. For example, if you own a home together, you may need to hire an appraiser to determine the market value.
You should also calculate the value of your joint liabilities and assets. Both of you should be aware of how much each of you will have to spend on your children after the separation. The court will also consider how much you contributed to the family and relationship. It is also important to take into account your age and health, as well as the needs you will have to care for the children after separation. Once you have calculated the values of your assets and liabilities, you should write down what you agreed upon. Check this out : https://rigolilawyers.com.au/our-services/divorce-property-settlement/
The property settlement process generally follows four steps. The first step is determining the net asset pool, which is the total of the assets and liabilities owned by the parties. This calculation takes into consideration both the financial contributions and non-financial contributions that each party made to the property pool. This will help determine what should be divided.