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Achieving a property settlement during divorce or separation is a complicated process. When you are going through a divorce, it can be helpful to have a guideline to help you know what to expect in the process and what is reasonable to expect from your spouse.
You have finally decided to get divorced. You have been through the emotional roller coaster of ending your marriage, and now it’s time to move on with your life. There are a lot of things to consider when going through a divorce, but one of the biggest is what will happen with your property.
Divorce can be a stressful time, especially when it comes to dividing up your shared assets. While the process of property settlement during divorce can be difficult, there are steps you can take to make it easier for yourself and your family, The following are some best practices for property division during divorce:
1. First, make sure you have an inventory of all of assets and liabilities available to divide.
1) First, make sure you have an inventory of all of assets and liabilities available to divide. Once you have decided which path is right for you, it is time to get started! The first step in this process is gathering information about your assets and liabilities. This includes real estate (including improvements), vehicles (including cars), stocks & bonds, bank accounts/savings accounts/trusts, retirement accounts/superannuation and anything else of value (including artwork). You should also keep records of any debts and liabilities you or your spouse may have accumulated while married. You may need these records later on in the divorce proceedings if there is a dispute over how much each party should contribute toward paying off those debts.
2. Be reasonable about your expectations.
Principles cost a lot of money. It is better to get advice as to your range of outcomes and pitch your claim accordingly.
3. Do not use your children as pawns in your negotiations
If you have children together, remember that they need both parents equally and that their needs are just as important as yours are in this situation. Children are fragile and it is your responsibility to minimise the impact separation has on them.
4. Work together.
The best practice for property settlements during divorce is to work together with your former spouse to come up with an agreement that works for both of you. This can be difficult if you are still angry or hurt by them, but it is important that you put aside those feelings so that you can make decisions that are in the best interest of yourself and your children (if applicable).
5. Make sure you're prepared for what is ahead.
While some people do not want or need any help navigating the process, others may want guidance from a family lawyer who can assist them with getting organised and ensuring they have all the information they need to make important decisions about their property settlement entitlements. This is something we can help you with.
6. Keep it civilised.
It is also important to remember that if a divorce case goes well, there may be opportunities in the future for a civilised and adult relationship between both spouses again—and this can only happen if everyone works together, try not to get angry during negotiations with your soon-to-be ex-spouse over who gets what, drawing a line between emotions and settlement will be beneficial for your negotiations.
While divorce and separation is never an easy process, there are ways to make this a little easier. One of those ways is to ensure that you are following proper protocol when it comes to property settlements. When you follow these best practices, you will be able to minimise stress (and cost) for yourself and your former spouse and ensure your interests are protected throughout the process.
Having a reliable family lawyer help you settle your property settlement on terms that you can live with is a something you should consider in the event you have or are considering separating from your spouse. Get in touch with our experienced team of lawyers today for an appointment.