Lara Morrison – When you divorce, you’re supposed to share the property and debts with your spouse. Of course, you can handle this without any help if you and your partner arrive at a mutual arrangement. But, in some cases, disagreements can arise, and you may need the help of a family lawyer to help with property and finance division.
Plus, achieving 50/50 in property division is usually impossible if that’s what you’re aiming for.
In this post, we’re going to explore the role of a family lawyer in dividing your assets and debts following a divorce.
Read on to learn more.
1. What’s Considered Family Property?
Most people usually don’t understand what kind of assets they’ll be diving after a divorce. According to the law, family property is everything you or your partner own separately or together on the date of your divorce. Some of them include pensions, insurance policies, RRSPs, family home, vehicles, shares, and bank accounts.
A lawyer can help you resolve cases where corporations, trust structures, and businesses are involved. In some instances, you might also need accountants and valuers to help you get everything clear. A comprehensive law firm can help with working with such experts. Keep in mind that family debts, such as mortgages, credit cards, repair costs, overdrafts, and loans will be divided, too.
2. What’s Excluded?
Ideally, a property that you owned before you got married is not considered as family property. Also, gifts and inheritances can’t be divided between the divorcing partners. However, if a property you owned before getting married increases in value during the marriage, it can be considered a family property.
For example, let’s say you had a house before you were married, your partner won’t be entitled to a share of its total value when you separate. However, he or she will be entitled to a share if the house increases in value.
For instance, working with family lawyers, Sydney will help you straighten out any possible issues and ensure a fair division of your assets.
3. If the Issue Goes to Court
When you fail to reach a satisfactory outcome, then a judicial officer can help resolve the matter. Bear in mind there is no definitive formula for handling such cases in a court of law. The court will give their verdict based on the information you and your spouse presented.
With the help of your lawyer, you’ll able to understand the range of factors that the court takes into account to determine the right property settlement. Some of the factors include future requirements; non-financial contributions such as childcare and homemaking; indirect financial contributions, and direct financial contributions.
The way the settlement will be reached will depend on your individual case and family.
4. Is Unequal Division Possible?
This is much possible, and it’s something the court considers when it deems equal division unfair.
Some of the factors the court weighs include years of marriage, agreements between spouses, career, financial profile of each party, and debts. Be sure to understand your situation, which can also be further complicated if you have children.
Also, if you feel your spouse gave you unsatisfactory share of the assets, you’re free to get a lawyer and file a case against him or her. You can also apply for financial orders, including orders related to property division and spousal payment.
Property division after a divorce is usually a complicated issue to handle alone. Bear in mind there is a time limit for dividing a property. For example, you can apply to share the property no later than two years after your divorce.
You’ll want to work with a family lawyer who is adept in property settlements to get the outcome you deserve.
Lara Morrison is a passionate writer who enjoys sharing useful knowledge with others. When not reading, writing, or playing with her kids, she uses her time to help a local dog rescue.”
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