It is easy to overlook the essence of sound legal advice when you are going through a life-altering situation. Getting a divorce is hard. The process is filled with emotions as it leads you to a new part of life. When you are overwhelmed by emotions, you are prone to act from impulse or make irrational decisions.
However, when it comes to getting a divorce or financial settlements after a divorce, you need to make an informed decision and seek out legal counsel. By getting a professional to walk you through the details of a negotiation, you allow yourself a smooth transition. Also, you get to settle the property issues amicably and smoothly.
While the process of getting a divorce can be daunting, having wrangles in property settlements will extend the proceedings. Having a lengthy divorce filled with misunderstandings affects your emotional well-being, and if there are children involved, it affects their understanding of the new arrangement.
Smoothen Out Your Financial Settlements
Although getting a divorce is a challenging moment, it doesn’t have to be dragged out and draining. You should seek to end things on reasonable terms where every party gets what they need or deserve. Thus, you should ensure that you go about the process soundly and rationally. You need to:
1. Prepare for financial agreement meetings – once you realise that a separation or a divorce is inevitable in your relationship, you need to prepare financially. This refers to compiling all your financial documents, including tax return documents, loan agreements, savings, and investment details. You should also do research on which of your assets your partner has claims to; this might include cars, property, and pension plans that are under your name.
2. Think about the future – a divorce requires an adjustment of the budget. You might end up living on less than you are used to. Thus, you need to account for the children, who will be the primary caregiver, and health insurance policies.
3. Get legal help – the terms of a divorce and financial agreements are complicated. An experienced divorce lawyer will help you through the process. They will look into your partner and investigate when you feel like they are hiding something.
Extended divorce and financial settlements lead to resentment. You need to prepare adequately to ensure that everything runs smoothly. A divorce lawyer helps you determine what you deserve, who gets what, and the present and future value of assets. They also help you decide on the best course of action for joint accounts. Some of the questions to have include:
Is there a stipulated time-frame to make property adjustments?
Married couples get 12 months within the finalising of the divorce while de facto relationships get two years after the end of their union.
What is the main difference between a property settlement and a divorce?
Time is the most significant factor between the two. While you can file for property settlement immediately after separation, you have to wait for twelve months before you can file for a divorce.
What factors come to play in property settlement for a de facto relationship
Some of the issues that inform the results of property settlement in such a case include whether there are children as a result of the union, the number of years you have been together, and the contributions made by each party both financial and non-financial.
How do you determine what an individual gets?
For a smooth divorce, we look through the value of assets presented by both parties. Then we balance the contributions made, both financially and otherwise. Finally, we determine how the assets come to play if there are children involved.